Solana breaks out of its downtrend as ETF approval inches closer, setting the stage for a potential major rally ahead of altseason

Solana’s recent breakout from its multi-week downtrend is putting bulls in a leading spot. The shift in structure comes just as ETF speculation picks up, giving participants a fresh reason to watch closely. With momentum turning, SOL Solana price could be gearing up for its next big move

Solana ETF Getting Closer to Approval

new email leak has spread excitement in the Solana camp. According to a message shared by Mike Zillonaire, the SEC has informed REXShares that it has “no further comments” on the Solana ETF filing. In regulatory terms, that’s as close as it gets to a green light without the final stamp, often the last step before approval. While nothing is official yet, the tone of the communication suggests clearance may be only a matter of time now.

Solana ETF inches closer as SEC reportedly signals no further comments on the filing, hinting at a near-term approval. Source: Mike Zillonaire via X

If approved, this would mark the first product of its kind for SOL, potentially opening the door for institutional inflows similar to those seen with Bitcoin and Ethereum ETFs. However, the market will be watching for any formal statement from the SEC.

$SOL Solana Price Breaks Downtrend

With the ETF buzz building, SOL’s price action is starting to match the narrative. As shared by Bluntz Capital, Solana has officially broken out of a multi-week downtrend on the 8-hour chart. That descending resistance line, which has capped upside momentum since late May, has now been breached on decent volume. It’s a clean technical signal that buyers are stepping back in just as the macro news flow improves.

Bluntz Capital

Solana breaks multi-week downtrend on the 8-hour chart as RSI climbs above 50. Source: Bluntz Capital via X

The RSI has also crossed above 50 for the first time in weeks, a subtle but meaningful momentum shift. $SOL

is currently holding above $150, and the next resistance levels to watch are $160

$SOL Among Few Altcoins to Outrun Bitcoin

Among large-cap altcoins, Solana stands out once again in performance. Crypto analyst Jesse Peralta has highlighted using Glassnode data that Solana has outpaced not only its peers but also Bitcoin itself, delivering over 15x gains since 2023.

Solana outperforms Bitcoin and peers with over 15x gains since 2023. Source: Jesse Peralta via X

Solana has firmly positioned itself as a market leader among altcoins. In a cycle where most others are struggling to keep pace, Solana isn’t just running alongside Bitcoin; it’s outpacing it. If this momentum continues and Solana keeps reinforcing its dominance, it could translate into further positive impact on its price going forward.