At first glance, Solana (SOLUSD) appears relatively quiet on the charts—but analysts are urging traders not to be fooled by the stillness. According to several market experts, this “calm” might be the precursor to a significant price movement.
Solana has emerged as one of today’s top performers among the top 10 cryptocurrencies, coming in second only to Dogecoin (DOGEUSD), which surged roughly
7%.
Signals Point to a Brewing Summer Rally for Solana
According to bubble charts from CryptoQuant, both spot and futures trading volumes for Solana have seen a notable decline over recent weeks.
While some might interpret this as waning interest, others suggest it’s a sign of strategic consolidation. CryptoQuant analyst Burak Kesmeci calls it a potential “bullish reset,” noting:
“We’re witnessing a slowdown in on-chain Solana metrics… This could be an early opportunity—especially if it aligns with a major upcoming catalyst.”
That catalyst, Kesmeci suggests, could be the long-speculated approval of a spot Solana ETF—a development that’s been gaining regulatory attention, according to Bloomberg ETF analyst James Seyffart.
Market participants widely believe that the launch of such an ETF would attract a surge of institutional capital, potentially driving SOL to new highs.
ETF Speculation and Technical Breakouts Stir Momentum
Adding to the growing excitement is the potential for a technical breakout. Analyst Lunix recently pointed out a bullish candlestick pattern on SOL’s price chart, propelling the token to a local high of $164.73.
As of writing, SOL is trading at $166.23, marking a gain of over 5% in the last 24 hours.
With altcoin season heating up, market watchers say expectations for a SOL rally are evolving from mere speculation into a credible scenario, fueled by increasingly bullish signals.
ETF rumors continue to swirl, and as BeInCrypto reports, the U.S. SEC may begin reviewing spot Solana ETF filings as early as July, with firms like 21Shares and Grayscale leading the charge.
Just the conversation around a spot ETF, analysts say, could be enough to trigger a price discovery phase—similar to what happened with Bitcoin and Ethereum in the past.
“Low volume → ETF rumors → explosive price action,” as Kesmeci summarizes it.
With technical indicators turning upward and institutional players quietly positioning themselves, the question remains:
Is Solana about to take off?
