SOL price jumped 7.8% after Bybit launched a Solana-based decentralized exchange.
Trading volume and open interest surged, signaling growing bullish momentum.
ETF optimism and institutional investment hint at a possible long-term rally.
Solana's SOL has lit a fire under the crypto market. While others moved sideways, SOL shot up. A massive 7.83% surge in just 24 hours caught everyone's attention. Daily trading volume didn’t stroll—it sprinted, doubling to $4.53 billion. What sparked the rally? Bybit just launched a Solana-based decentralized exchange called Byreal. That, paired with growing ETF optimism, gave Solana the fuel it needed to break past the noise and rise sharply.
https://twitter.com/oldhawksol/status/1934225822296010827 Volume Spikes and Bulls Awaken
SOL hasn’t been sleeping, but it has been pacing in a tight range, $140 to $185. Now, bulls are knocking on the ceiling. The 100% jump in volume suggests they're preparing to break through. CoinGlass data confirms the trend. Open interest in SOL futures climbed over 10%, now nearing $7 billion. Liquidations tell the same story. Over $14 million liquidated in 24 hours, $11 million from shorts alone. Bears bet wrong, and now they're paying for it.
Crypto analyst Old Hawk has joined the bullish chorus. He believes SOL must first flip $187. Once that falls, the path to $263 opens wide. And there’s more. If SOL reaches $263, the price could enter discovery mode. That means the market would search for new highs—uncharted territory, where anything becomes possible. Analysts don’t just watch price action. They’re eyeing fundamentals. And right now, the possibility of a Solana ETF has excited everyone.
ETF Hype Builds as Institutions Move In
Bloomberg’s Eric Balchunas sees a 90% chance of approval for a Solana ETF. That number turned heads. Fidelity filed an S-1 form for a spot SOL ETF with the SEC. Galaxy Digital and Invesco joined the race soon after. An altcoin ETF summer may be coming fast. Solana could lead the charge.
ETF approval doesn’t just hype the retail crowd. It also unlocks institutional demand. Just ask MemeStrategy. This Hong Kong firm has recently acquired 2,440 SOL worth nearly HKD 2.9 million. As the first listed company in the region to invest in Solana, they’ve made a loud statement: institutions want in. When major players dive into the pool, the water warms up for everyone else.
If the ETF gets the green light, Old Hawk sees $400 to $500 possible by year’s end. That’s not a dream—it’s a bet on momentum, demand, and belief. Solana has momentum. Bybit added fresh fuel. And the crowd? They’re watching closely—ready to jump on if bulls take control. The next few weeks will shape SOL’s trajectory.
