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Solana’s price has stalled below $200 as the recent bull run encountered resistance. However, ongoing ETF inflows and strong network statistics may signal a potential rally in the near future.

Solana Price Overview

As of Friday, Solana (SOL) was trading at $171.45, reflecting a 7.40% decline from its weekly peak. This price movement aligns with recent retreats seen in other cryptocurrencies such as Bitcoin (BTC) and Hedera Hashgraph (HBAR).

Spot SOL ETFs: A Potential Game-Changer

A significant catalyst for Solana could be the anticipated approval of spot SOL ETFs by the U.S. Securities and Exchange Commission (SEC). Leading applicants include Grayscale, VanEck, 21Shares, Canary, and Franklin Templeton. According to market analysis, the likelihood of approval has risen to 81%.

Recent trends suggest these ETFs may attract substantial investor interest. For example, the 2X Solana ETF, a leveraged fund approved earlier this year, has experienced strong inflows. Since its February launch, the fund has accumulated nearly $30 million, with consistent monthly inflows:

  • February: $5.5 million
  • April: $8.3 million
  • May: $9.6 million

The 2X Solana ETF aims to deliver daily returns that correspond to twice the daily performance of SOL. While this fund offers leveraged exposure, its expense ratio of 1.85% is relatively high compared to stock-based leveraged ETFs, which typically charge under 0.90% annually. Spot ETFs with lower fees could attract even greater demand, particularly from institutional investors.

Strong Network Fundamentals

Beyond ETFs, Solana is benefiting from robust network fundamentals. Transaction volumes and active accounts have surged significantly in 2025. Over the past 30 days:

  • Transactions: Increased by 66%
  • Active accounts: Climbed to 101 million

These metrics highlight growing user adoption and network activity, which could further support price appreciation.

Technical Analysis of Solana Price

On the daily chart, Solana’s price has pulled back to $172 after reaching a high of $185 earlier this week. The cryptocurrency is currently trading near the 38.2% Fibonacci retracement level. Additionally, the 50-day and 100-day moving averages are on the verge of forming a mini golden cross, which is typically considered a bullish indicator.

The chart also shows an inverse head and shoulders pattern. Solana is trading between a strong pivot reverse level and the upper boundary of the Murrey Math Lines trading range. Based on these technical indicators:

  • Upside potential: Bulls are targeting a retest of the $200 resistance level. A breakout above this level could pave the way for the 78.6% Fibonacci retracement at $252.
  • Downside risk: A drop below key support at $150 would invalidate the bullish outlook.

“Strong technical indicators suggest Solana could resume its upward trajectory, but traders should watch key support and resistance levels closely.”

With promising ETF developments and strengthening network fundamentals, Solana remains a cryptocurrency worth monitoring for both short-term traders and long-term investors.

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