#Solana

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3 𝙍𝙚𝙖𝙨𝙤𝙣𝙨 𝙒𝙝𝙮 𝙎𝙤𝙡𝙖𝙣𝙖 𝙋𝙧𝙞𝙘𝙚 𝙈𝙖𝙮 𝙀𝙭𝙥𝙡𝙤𝙙𝙚 𝘽𝙚𝙛𝙤𝙧𝙚 𝙅𝙪𝙣𝙚 𝙀𝙣𝙙𝙨

Solana (SOL) is down by roughly 10% in June from its monthly opening price of $156. As of June 27, Solana price is trading at $140 with an intraday loss of 3.45%. Despite the bearish pressure, three factors suggest that SOL could explode before June ends. Let’s explore

The top reason for a Solana price implosion before the end of June is surging institutional interest seen with spot SOL ETF filings. As CoinGape reported, Invesco Galaxy filed an S-1 for a SOL ETF, joining other top firms such as VanEck, BitWise, and 21Shares.

The recent filing coincides with surging odds of approval. Per Polymarket data, the odds of this product being approved before the end of the year stand at 91%, and have been at range highs since a notable surge. Meanwhile, 46% of traders are also optimistic that the product may be approved next month.

Data from DeFiLlama shows that SOL currently ranks second in decentralized exchange (DEX) volumes, which may bode well for the Solana price. In the last 30 days, DEX volumes reached $64 billion, higher than Ethereum’s $61 billion. BNB Chain topped the 30-day DEX volumes with $159 billion.

Wyoming state is also tapping the SOL blockchain for a stablecoin project, and this is bullish for SOL price. Per CoinGape’s report, Wyoming will tap Solana and Aptos for the launch of the WYST stablecoin backed by the state.

This adoption supports a bullish outlook for Solana before June ends. As confidence towards SOL due to such moves, buyers may step in and trigger a notable rally in the next three days.These are two key levels that traders should watch as they could kickstart the next bull run. If institutional interest, retail activity, and adoption help kickstart a rally and these resistance levels are flipped, Solana could charge for $187