Solana (SOL) is enjoying renewed bullish momentum after a 17% price surge over the past six days, trading at $166 as of June 11. The rally comes amid growing investor interest, robust on-chain activity, and increasing speculation surrounding a potential spot Solana ETF approval.
According to CoinMarketCap, SOL’s 24-hour trading volume has jumped by 40%, underscoring heightened market participation. Volatility has also surged, with prices fluctuating between $156 and $167 in the past day alone. This rebound follows a recent swing low of $142 on June 6 and aligns with broader crypto market gains driven by renewed optimism over U.S.-China trade relations.
Technical indicators suggest the bullish momentum may continue. A CoinGape analysis noted a classic bull flag pattern in SOL’s recent price action, projecting a potential rally toward $300—a 90% upside from current levels—if resistance is decisively broken and support at $152 holds.
Solana’s on-chain fundamentals further support the rally. Data from DeFiLlama reveals a sharp $860 million increase in Solana’s DeFi total value locked (TVL), which now stands at $9.01 billion. This growth, driven by a doubling of DEX trading volumes from $1.53 billion on June 8 to $2.95 billion by June 11, indicates rising network usage and developer engagement.
Meme coin activity on the Solana network is also contributing to its surge. CoinGecko data shows a 6.7% rise in the market cap of SOL-based meme coins in the past 24 hours, reflecting heightened speculative interest that historically precedes SOL price rallies.
Adding to the bullish narrative, the probability of a spot SOL ETF approval by July 31 has spiked to 61%, per Polymarket data—its highest level since January. The surge in optimism follows an SEC request for amended S-1 filings from ETF issuers, suggesting regulatory progress is underway.
Also Read: Solana (SOL) on the Verge of Breakout: $423M Exchange Shift Fuels Market Buzz
With technical, on-chain, and regulatory catalysts aligning, Solana appears well-positioned for further gains. If momentum persists, SOL could break out toward its previous all-time high of $300, reinforcing bullish sentiment not only for the short term but also for its long-term trajectory.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
