Solana surged 7.53% to $156.71, leading L1 gains and outperforming Ethereum and Bitcoin in daily trading performance.
ETF approval odds for Solana hit 74% on Polymarket, signaling strong market conviction ahead of the July 31 decision window.
Hong Kong’s MemeStrategy invested in 2,440 SOL, marking the first institutional entry into Solana from a listed HK company.
Solana (SOL) outperformed all of the main Layer-1 cryptocurrencies, rising 7.53% in the last day to reach $156.71. With this surge, Solana surpassed Ethereum and Bitcoin to take the top spot on the large-cap rankings.
Solana Leads L1 Gains as Ethereum Follows
According to a post by Lennaert Snyder, Solana outpaced Ethereum, Bitcoin, Binance Coin, TRON, and Sui in daily returns. Ethereum posted a 4.11% gain, reaching $2,625.63, while Bitcoin rose 1.79% to settle at $107,085.02. These price moves reflect a strong rotation into Layer-1 assets led by Solana.
Solana’s upward momentum began shortly before midnight UTC and held through early June 16. Ethereum followed suit with a steady climb, accelerating after 02:00 AM UTC on rising volume. Bitcoin’s recovery was more gradual, joining the rally later in the session as demand broadened.
Sui followed with a 3.90% gain, while Binance Coin climbed 0.83% to $654.78. TRON diverged from the market, falling -0.36% to $0.272, making it the weakest performer on the day. Solana’s leadership in daily performance confirms its status as a dominant force among Layer-1 tokens.
Mid-Range Reclaim Suggests Key Solana Breakout Level
Solana re-entered a crucial mid-range structure between $135.00 and $183.00, according to an analysis report by Lennaert Snyder. Solana price rebounded off $147.00 and reclaimed $157.90, indicating renewed bullish momentum heading toward resistance. The $183.00 mark stands as a critical breakout threshold.
https://twitter.com/LennaertSnyder/status/1934678128737022286
If Solana breaks $183.00, upside targets include $210.00 and $262.12, the February 2025 high. That level previously capped a major rally and represents a potential inflection point. On the downside, support at $135.00 to $125.00 has held firm during past corrections.
Technical sentiment remains bullish as long as Solana holds above the macro low at $113.00. Buyers continue defending the accumulation zone near $135.00, reinforcing the base structure. Momentum favors continuation if resistance levels are reclaimed with volume.
ETF Optimism Pushes Solana’s Market Narrative
Polymarket data shows Solana ETF approval odds surged to 74% by June 16, up from under 10% last week. Between June 10 and June 16, traders rapidly priced in rising confidence, aligning with bullish flow.
The ETF watch reflects broader optimism toward Solana adoption. Volume on Polymarket crossed $312,000, confirming strong speculation around regulatory green lights. Solana now ranks second behind Ethereum in ETF approval likelihood, with traders expecting clarity by July 31.
Institutional Entry Confirms Growing Solana Appeal
Hong Kong-based MemeStrategy acquired 2,440 SOL worth HKD 2.9 million, becoming the first HK-listed Solana investor. This milestone marks expanding institutional attention to Solana’s ecosystem.
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