Solana Sleeps Through ETF Buzz — Can Bulls Reignite the Rally?

Solana ($SOL ) showed modest strength Tuesday, trading over $150 with a 1% intraday rise — but many investors are left wondering why the bullish ETF news hasn’t ignited a stronger rally.

Despite a weak prior week, institutional interest is ramping up. Galaxy Digital has now staked $63 million in $SOL over the past 24 hours, increasing its total holdings to over $101 million, according to Arkham Intelligence. Other key players like Solana Strategies, DeFi Development Corp., and Upexi are also contributing to growing on-chain support.

Meanwhile, ETF optimism is soaring. CoinShares became the ninth firm to file an S-1 application for a Solana ETF, joining Grayscale, VanEck, 21Shares, Bitwise, Fidelity, and others. Bloomberg ETF analysts have even pegged the probability of approval at 90%, according to Eric Balchunas and James Seyffart.

Yet, the market hasn't fully responded — Open Interest is falling, and long liquidations are rising, signaling lingering pessimism.

From a technical standpoint, $SOL is now testing its long-term descending resistance trendline, drawn from peaks on January 18, May 13, May 22, and June 11. A break and daily close above $167 — the 50% Fibonacci retracement from $295 to $95 — could signal the next leg up. A sustained move may send SOL to $191, the 61.8% Fib level and next major resistance.

Key Levels to Watch:

Resistance: $167 (breakout zone), $191 (target)

Support: $140 short-term, $125 for bulls to stay in control

Sentiment Trigger: SOL ETF approval outlook + institutional accumulation

Solana might be quiet for now, but behind the scenes, the groundwork for a major breakout is building.

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