Solana's price shows signs of recovery as institutional interest picks up and ETF optimism rises, potentially preparing for a rally to $320.

Crypto analyst Immortal recently suggested that Solana's price is set for a rally as institutional interest increases.

This positive analysis comes as Solana ETF applications from major financial institutions including Grayscale, VanEck, 21Shares, Canary, and Franklin Templeton move toward potential approval.

Expectations for the SOL ETF drive institutional interest.

The prospect of spot Solana ETFs is generating considerable institutional interest, and prediction markets are showing increased confidence in regulatory approval.

According to Polymarket data, the chances of spot $SOL ETFs being approved by the US Securities and Exchange Commission have increased to 82%. If this happens sooner or later, Solana's price may increase significantly.

Some of the major financial institutions have applied for Solana ETFs. Some such institutions include Greyscale, Van Eck, 21Shares, Canary and Franklin Templeton.

Such demand from leading asset managers indicates strong institutional demand for Solana's regulated investment products.

Users can already see evidence of that demand in the performance of the 2X Solana ETF ( SOLT ), a leveraged ETF that has been steadily adding new funds since its launch in February.

According to ETF data, the ETF has raised about $30 million in new money and hasn't experienced a single month where more money has exited since launch.

SOLT monthly inflow statistics show that there are more investors looking to buy it: $5.5 million in February, another $8.3 million in April, and $9.6 million already this month.

This trend of rising inflows indicates that investors are becoming increasingly bullish on Solana price momentum.

Solana's price target could be $320.

Solana's current price movement is part of a broader recovery effort after hitting a high of $293.31 on January 19, 2025. The $SOL price currently sits about 41.5% below this record level.

Solana's recent price action indicates positive signs of consolidation across different time horizons. While the 24-hour and 7-day advances are modest at 1.4%, medium-term trends point to further expansion through a 32.8% advance over the past month.

This rate of growth gradually increasing over longer time frames indicates a trend of consolidation rather than short-term fluctuations. If this pattern continues, it provides technical support for a possible move towards the $320 target identified by analyst Immortal.

The chart pattern shows that after the January peak, the SOL experienced a correction before establishing a base and beginning its current recovery phase.

Recent price action shows support for finding Solana price at previous resistance levels. This is a classic technical pattern that often precedes an upward move.

As $SOL moves closer to the $180 resistance level identified by analyst Immortal, the coming weeks may decide whether the recovery accelerates towards the expected $320 target.

Also, as FTX prepares to pay $5 billion, Market Analysis has identified $170 and $161 as Solana price levels to watch.

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