$SOL price toward $300 next? Solana ETF approval chances jump to 91%.
SOL futures open interest is up 12%, signaling strong institutional interest.
Spot Solana ETF approval odds jump to 91% on Polymarket.
A SOL price bull flag is in play on the weekly chart, targeting $335.
SOL’s Wednesday price increase was accompanied by an uptick in leveraged positions, with the aggregate open interest (OI) for Solana futures reaching $7.54 billion, up 12% in the last 24 hours. This is a 20% increase from the previous week and sits just 12% below the peak of $8.57 billion reached on Jan. 19.
The likelihood of the US Securities and Exchange Commission (SEC) approving a spot Solana exchange-traded fund (ETF) in 2025 jumped to 91% Wednesday, according to Polymarket data.
Multiple spot Solana ETF applications from asset management giants like VanEck, Grayscale, 21Shares, Bitwise and Canary Capital signal robust demand for regulated SOL investment vehicles.
SOL price has formed a bull flag chart pattern on the weekly chart, as shown below.
A bull flag pattern is a bullish setup that forms after the price consolidates inside a down-sloping range following a sharp price rise.
Bull flags typically resolve after the price breaks above the upper trendline and rise by as much as the previous uptrend’s height. This puts the upper target for SOL price at $335, or a 103% increase from the current price.
The weekly RSI is moving above the midline and has increased to 51 this week from 36 on March 31, indicating increasing bullish momentum.
Cointelegraph reported that the SOL/USD pair must first flip the resistance at $190 into new support to ensure a sustained recovery.