Solana holds key support at $148 as ETF approval odds rise to 90%, boosting bullish sentiment.
Technical charts show bullish patterns with targets at $181, $187, and $194 if volume sustains.
On-chain activity rises sharply, with TVL at 56.8M SOL and daily active addresses up 38.5%.
Solana (SOL) is currently trading at $158.08, showing renewed bullish momentum after holding strong support around $148. Market data and chart structures indicate strengthening price action as the asset approaches key resistance levels. Traders are now watching closely for confirmation of a breakout as optimism builds around a potential spot ETF approval.
Price Structure Builds Bullish Momentum
CryptoJelle, a crypto analyst via X noted that Solana recently formed a higher low and has continued climbing toward the $160–$165 resistance zone. This area has been a strong rejection zone in past rallies, and a break above it could set up further upside targets near $178 and $200.
The price remains above the 50-day Simple Moving Average (SMA) at $160.99, which now acts as a support zone. The $148–$150 area has served as a key base for this rally. A successful retest of that level has reinforced confidence among market participants.
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Shelby, a chart analyst, also identified a bullish Gartley pattern that completed near $140, with Fibonacci extension levels at $181.65, $187.97, and $194.61. These targets align with past resistance zones and remain valid if bullish volume continues.
ETF Momentum and Technical Breakout Align
Bloomberg ETF analyst Eric Balchunas has raised the approval odds of a Solana spot ETF to 90%. According to Blockworks, the SEC is expected to respond to updated S-1 forms within 30 days, which may lead to approval in July.
This timeline is increasing attention on SOL’s price action. On-chain data from DefiLlama shows Solana’s Total Value Locked (TVL) at 56.8 million SOL, its highest level since June 2022.
Meanwhile, daily active addresses have grown 38.5% to 2.7 million, showing growing network usage. Futures open interest has also climbed to $7.54 billion, signaling growing institutional interest.
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