Solana’s rally gets a boost from strong ETF approval chances and increased institutional interest.
- Polymarket raises Solana ETF approval odds to 91%
- Open interest in SOL futures up 22% in last 30 days
- Bull flag chart pattern signals potential rise to $315
ETF Approval Hopes Push SOL Higher
On June 16, Solana’s price surged by 9.5%, reaching $157. This move followed new optimism around a possible spot Solana ETF in the US. Analysts say there’s a 90% chance the SEC could approve it soon. On Polymarket, a popular prediction platform, approval odds jumped to 91%, up from 77.5% just days ago.
This wave of optimism comes after seven asset managers filed S-1 forms with the SEC to launch Solana ETFs. These include VanEck, Grayscale, 21Shares, Bitwise, Canary Capital, and Franklin. Additionally, Invesco and Galaxy Digital announced plans to register a Solana ETF Trust in Delaware. These steps signal growing support from major financial firms.
Institutions Increase Positions in SOL Futures
Besides ETF news, investors also look at futures market data for clues. On June 12, the total open interest in SOL futures reached 45.87 million SOL, the highest in over two years. That’s a 22% increase in the last month. As of June 16, open interest sits at 43.86 million SOL, worth around $6.86 billion.
This puts Solana third in the crypto market by open futures interest, behind only Bitcoin and Ethereum. The long/short ratio on platforms like Binance leans bullish, meaning more traders expect prices to rise. Although risk remains, this suggests strong demand from large investors.
Chart Pattern Shows Price Could Reach $315
Solana’s daily trading chart shows a bull flag pattern forming. This setup often suggests a continuation of an upward trend. If SOL breaks above the upper line of the pattern and holds support around $161—its 50-day moving average—the price could double to around $315.
Other signals also point to bullish momentum. The daily Relative Strength Index (RSI) rose from 38 to 50 in just two days. Traders see this as a sign that buyers have the upper hand.
Source: cointelegraph.com
