TLDR:
Invesco and Galaxy become the 9th duo to file for a Solana ETF amid rising altcoin demand.
SOL rebounds from $126 support, holding above $145 with bullish wave formation in play.
U.S. crypto bill H.R. 3633 may accelerate Solana ETF approvals as rules become clearer.
Technicals show no bearish divergence, suggesting continuation toward $162 and $172 targets.
Interest in Solana continues to rise as Invesco and Galaxy Digital become the ninth pair of issuers to file for a Solana ETF. Their move comes amid growing institutional momentum for altcoin-backed funds, especially as U.S. lawmakers push to clarify crypto regulation.
The timing coincides with strong technical indicators that suggest Solana may be entering a bullish phase. With market conditions shifting and demand for diverse crypto exposure growing, Solana’s position as a top digital asset appears to be strengthening.
Analysts say momentum is building as investor demand rises alongside clearer regulatory signals.
Solana ETF Applications Reflect Institutional Confidence
The joint S-1 filing by Invesco and Galaxy Digital highlights deepening institutional engagement with Solana.
According to Bloomberg ETF analyst James Seyffart, this brings the total number of Solana ETF filings to nine. This growing competition points to rising expectations for alternative crypto ETFs beyond Bitcoin and Ethereum.
NEW: @InvescoUS (and @galaxyhq) just filed for a Solana ETF. That makes Nine issuers that have filed for a Solana ETF now. pic.twitter.com/iu3OZVO9Pg
— James Seyffart (@JSeyff) June 25, 2025
The regulatory backdrop is also shifting. The House Financial Services Committee recently advanced the Digital Asset Market Clarity Act (H.R. 3633). This bill aims to define regulatory responsibilities between the SEC and CFTC, which could speed up ETF approvals.
With clearer rules ahead, issuers appear more confident launching products tied to altcoins like Solana.
Solana’s recent price movement mirrors the enthusiasm surrounding these ETF filings. Financial trader Matthew Dixon noted that SOL bottomed out at $126.03 and has since shown a clear recovery pattern.
Chart data confirms that this low acted as a strong macro support.
The price has rebounded above $145, hovering just below the 0.236 Fibonacci level at $148.83. Analysts believe flipping this level into support could trigger a larger upside move toward $162 and potentially $172.
Crypto spring, summer is coming.
At long last – THE BULL RUN HAS BEGUN 
#SOL RECENTLY BOTTOMED AT $SOL 126.03 AND HAS CONFIRMED THE BEGINNING OF THE NEXT MAJOR IMPULSE TO THE UPSIDE.
This will carry not only #Solana much higher (with only minor corrections) but also the… pic.twitter.com/n4BbrafPNJ
— Matthew Dixon – Veteran Financial Trader (@mdtrade) June 26, 2025
Solana Technical Indicators Support Bullish Momentum
Chart patterns reveal a wave structure consistent with a developing bullish cycle.
The recent rebound appears to mark the start of a wave 3 impulse, often the strongest in Elliott Wave formations. The RSI on the 4-hour chart remains above 55, showing continued buyer strength with no bearish divergence in sight.
As long as SOL holds above $135 and breaks past $148.83, further gains remain possible. These levels align with rising optimism across the broader crypto market, with assets like BTC and ETH also showing recovery signs.
Per CoinMarketCap, Solana holds the sixth-largest market cap in crypto, currently valued at $78.21 billion. With a daily trading volume above $3.4 billion, investor activity remains high.
While the price has dipped slightly by 0.31% in the last 24 hours, it is still up over the past week.
The post Invesco and Galaxy Join Race for Solana ETF as SOL Price Momentum Builds appeared first on Blockonomi.
