Solana Steps Back as Bull Run Meets Resistance, But ETF Approval & Strong Network Stats Fuel Optimism
Solana's price surge halts amid a rise in new SOL Exchange Traded Funds investments.
The Solana coin price took a dip, falling below the $200 mark, after a bull run encountering resistance. As of Friday, Solana was trading at $171.45, a 7.40% drop from its peak this week. This trend echoes other cryptocurrencies like Bitcoin and Hedera.
Although the Solana price is retreating, there is hope on the horizon. Expected approvals of spot SOL ETFs by the U.S. Securities and Exchange Commission (SEC) could serve as a catalyst for Solana. Applicants include Grayscale, VanEck, 21Shares, Canary, and Franklin Templeton. Odds of approval have climbed to 81%, according to Polymarket.
If approved, these ETFs are anticipated to attract strong investor interest. A recently launched leveraged Solana fund, the 2X Solana ETF, continues to see inflows, with $9.6 million added this month alone. Since its inception in February, this fund has accumulated nearly $30 million.
Even cheaper spot Solana ETFs, with lower fees compared to leveraged funds, could see even larger demand from institutional investors due to the ongoing inflows. In comparison, a recently launched XRP ETF has already gained over $106 million in assets.
Beyond ETFs, Solana benefits from robust network statistics. Transactions and active accounts have skyrocketed in 2025. Over the past 30 days, transactions increased by 66%, while active accounts soared to 101 million.
Technical Analysis
On the daily chart, Solana price has pulled back to $172, somewhat stabilizing near the 38.2% Fibonacci retracement level. The 50-day and 100-day moving averages are on the verge of forming a mini golden cross, a bullish signal. Solana has also formed an inverse head and shoulders pattern and is trading within the strong pivot reverse level and the upper boundary of the Murrey Math Lines trading range.
Given these technical indicators, Solana could resume its uptrend, with bulls targeting a retest of the $200 resistance level. A breakout above this level could pave the way to the 78.6% Fibonacci retracement at $252. However, a plunge below significant support at $150 could undermine the bullish sentiment.
While SEC's decision on proposed spot Solana ETFs is delayed until October 2025 [1][3][4], investor optimism persists, with analysts predicting an 82% chance of approval by the end of 2025. Despite the temporary setback in Solana price, the long-term outlook remains promising, driven by potential ETF inflows and strong network statistics.
[1] - https://www.sec.gov/rules/sro/nysearca/2021/34-91313.pdf[2] - https://www.sec.gov/rules/sro/cboe/2022/34-95552.pdf[3] - https://polymarket.io/market/US-SOL-ETF-Approval_New_York_Stock_Exchange[4] - https://www.grayscale.com/ Ludwigsfelde, Germany - May 12, 2023
- The Solana coin price slid below the $200 mark after encountering resistance during a bull run, reflecting similar trends with Bitcoin and Hedera.
- Despite the current price dip, the anticipated approvals of spot SOL ETFs by the US Securities and Exchange Commission (SEC) could spur a resurgence for Solana, with a 81% likelihood according to Polymarket.
- Currently, a leveraged Solana fund has seen inflows totaling $30 million since its inception in February, suggesting strong investor interest in these ETFs.
- Lower-fee spot Solana ETFs could attract even more demand from institutional investors, as seen with the recently launched XRP ETF that has amassed over $106 million in assets.
- Robust network statistics, such as increased transactions and active accounts in 2025, further underscore Solana's long-term potential in the realms of crypto finance and technology.
