Solana $SOL extended its rally, climbing to $209.91, with a market cap of $113.5B and daily trading volume surging 35.9% to $9.08B.
The bullish momentum is largely fueled by growing optimism around a U.S. spot Solana ETF, as VanEck and Franklin Templeton updated filings to include staking features. Analysts now assign a 95% chance of approval by October 2025, which could unleash significant institutional inflows.
On-chain developments are also strengthening Solana’s case. Validators overwhelmingly approved the Alpenglow upgrade (99% support), reducing transaction finality from 12.8 seconds to just 150ms — nearly as fast as a Google search. This cements Solana’s position as a high-performance blockchain.
Meanwhile, DeFi activity is surging, with total value locked (TVL) hitting $11.66B, its highest level in 2 years. Growth is driven by lending platforms, liquid staking, and rising DEX volumes — signaling strong fundamentals alongside price action.
From a technical perspective, SO$SOL L broke above its 7-day SMA ($204.69) and 30-day EMA ($192.23). Immediate $resistance lies at $217.8, with upside targets at $233.1 and $236. In the long run, ETF approval could propel SOL back toward its all-time high of $294.3, mirroring Bitcoin’s ETF-driven rally. Key support zones sit at $195, $176.6, and $146.5.
With ETF momentum, network upgrades, and DeFi growth all aligning, Solana remains firmly in the spotlight for traders, investors, and institutions.
