Solana (SOL) may seem to be cooling off on the charts, but analysts argue that this is precisely why it deserves attention.
SOL is one of the largest gainers among the top 10 cryptocurrencies today, second only to Dogecoin (DOGE), which has risen nearly 7%.
Signs indicate a possible summer rally for Solana
According to data from CryptoQuant, the spot and futures trading volumes of Solana have decreased in recent weeks. At first glance, this may indicate a decline in interest. However, some experts claim that this slowdown could be the calm before the storm. Among them is CryptoQuant analyst Burak Kesmeji, who described this change as a potentially bullish reset.
'We are currently observing a cooling in Solana's on-chain metrics... this slowdown could be an early-stage opportunity—especially when it coincides with an upcoming catalyst,' wrote Kesmeji.
The analyst suggests that this could be the long-awaited approval of a spot Solana ETF (exchange-traded fund). Bloomberg ETF analyst James Seyffart recently hinted at growing regulatory interest in such a product. Many believe that this financial instrument could unleash a wave of institutional capital, potentially driving up the price of Solana.
Rumors about Solana ETF and technical breakouts are adding momentum.
Adding to the momentum is the possibility of an inevitable breakout in the market. Cryptocurrency analyst Lunix emphasized the dramatic 'God Candle' on the Solana price chart that lifted Solana's price to $164.73. At the time of writing, Solana was trading at $166.23, which is over 5% higher in the last 24 hours. While the altcoin summer trend is rising, it is quickly becoming a serious narrative; the prospects for its realization on Solana continue to grow amidst increasing catalysts.
Rumors continue to swirl around the potential approval of a Solana spot ETF. According to BeInCrypto, submissions may be reviewed by the SEC as early as July, following activity from companies like 21Shares and Grayscale. Analysts note that even rumors about such a product can stimulate price discovery, as seen with Bitcoin and Ethereum. In the short term, Solana may seem quiet, but analysts argue that low volume does not mean low potential.
'Low volume → ETF rumors → explosive moves,' emphasized Kesmeji.
Technical indicators are turning bullish, and institutions are quietly positioning themselves, which could set the tone for Solana's price growth.#BinanceSquare #Write2Earn #BinanceAlphaAlert #crypto #BTCBreaks110K $SOL