After a sharp 30% surge from its June 22 low to this Monday’s peak, Solana has lost some steam but managed to hold above a critical support level despite a major positive development. Technical indicators are improving, and several signs suggest a breakout could be on the horizon.
Solana’s ETF-Driven Rally Fizzles Out
Last weekend, Solana sent a strong bullish signal by breaking above the upper boundary of a descending channel that had confined its decline since May’s high. The upward momentum carried into Monday with news that spot SOL ETFs, including staking features, would launch on Wednesday—a surprise for most traders.
Without diving into the nitty-gritty of legal and technical details, REX-Osprey, the firm behind the ETF, sidestepped the usual ETF approval process by leveraging a structure compliant with the U.S. Investment Company Act of 1940, fast-tracking the launch.
The ETF announcement pushed Solana to a three-week high of $163.90 on Monday, but profit-taking quickly followed. While the ETF’s Wednesday debut was a clear success—drawing $12 million in inflows and $33 million in trading volume on day one—it wasn’t enough to propel Solana to new heights. By Sunday morning, the crypto had dipped back below the key $150 level, where it’s currently hovering.
Market uncertainty about the Federal Reserve’s next rate cuts, fears of Trump’s trade war policies, and ongoing geopolitical tensions are capping the upside for riskier assets like SOL and other cryptocurrencies.
Solana’s Trend Is Improving Despite Recent Weakness
Still, the technical picture looks far more promising than it did a week ago. Solana has broken out of its bearish channel, and the $140–145 support zone should hold unless a major catalyst emerges.
Solana Daily Chart
That said, SOL faces several hurdles, including the 100-day moving average at $148, the psychological $150 mark, and the 200-day moving average at $165. Clearing these levels would tilt the long-term trend firmly bullish, with the May 23 high of $188 and the round $200 level as the next targets.
On the downside, a break below $140–145 would darken Solana’s outlook. In that case, the June 27 low of $137 and the June 22 bottom at $126 would be the next supports to watch.
Despite the recent pullback, Solana remains up over 16% from its last major low. The dip could simply be a breather after Monday’s ETF-fueled spike. The technical setup, while not fully bullish yet, is noticeably stronger.
Could Now Be the Time to Buy Solana?
This might be a good moment to consider buying Solana, but there’s another opportunity catching attention that could offer even bigger returns: Snorter ($SNORT), a presale crypto with a unique concept drawing significant investor interest.
$SNORT is the access token for Snorter, a Telegram-based trading bot focused on Solana-based meme coins. To use the bot, which is designed to spot high-potential, under-the-radar tokens on the Solana blockchain using on-chain data, you need to hold $SNORT.
Given the strong demand during the presale, $SNORT’s upcoming exchange listing could spark a significant rally. Beyond the bot’s ability to uncover lucrative opportunities and the token’s growth potential, Snorter investors can also benefit from a robust staking program with attractive yields.