Key Takeaways:
SOL futures open interest rises 12% to $7.54B, nearing all-time highs.
Spot Solana ETF approval odds hit 91%, according to Polymarket.
Weekly chart shows bull flag formation targeting $335.
SOL price trading at $166.33, up 4.3% in the past 24 hours.
Solana (SOL) is gaining bullish momentum, with its price rising 4.3% in the past 24 hours to $166.33 as of June 12, according to Binance. Traders and analysts are now watching closely as key metrics and ETF approval odds point to a potential breakout toward $300 and beyond.
Futures Data Shows Growing Institutional Demand
Open interest in Solana futures surged 12% over the past 24 hours to $7.54 billion, a 20% increase from last week. This level is just 12% below the January 19 peak of $8.57 billion, signaling increased institutional participation despite potential liquidation risks.
TVL and On-Chain Activity Strengthen
Solana’s total value locked (TVL) rose to 56.8 million SOL ($9.1 billion), its highest level since June 2022. Meanwhile, daily active addresses on Solana jumped by 38.5% to 2.7 million, with leading DApps seeing 77%–300% growth in unique wallets, reflecting growing ecosystem engagement.
91% Odds of Spot ETF Approval
Polymarket data shows the odds of the SEC approving a spot Solana ETF by 2025 have climbed to 91%. Major firms—including VanEck, Grayscale, and Bitwise—have submitted filings, signaling strong institutional interest. Bloomberg analyst Eric Balchunas expects Solana to lead a potential “Altcoin ETF Summer.”
Technical Chart Targets $335
SOL/USD has formed a bull flag pattern on the weekly chart, suggesting a potential move to $335 if the breakout holds. The RSI has climbed to 51, reinforcing the bullish setup. Analysts note SOL must reclaim $190 as support to confirm further upside.
If the ETF is approved and technical indicators align, Solana could see a continuation of its current uptrend—potentially targeting new all-time highs later this year, according to Cointelegraph.
