$SOL – CAN ETF MOMENTUM FUEL A MOVE TO $260?
Solana has surged 28% in three weeks, sparking cautious optimism among traders. However, major players—like whales and market makers—remain on the sidelines. Retail sentiment is picking up, with SOL’s annualized funding rate climbing to 16%, a sign that longs are paying a premium to maintain exposure. Yet, compared to ETH’s 51% and XRP’s 41% rally in the same period, SOL still lags behind.
Despite this, $SOL is trading near a five-month high around $190, and funding data signals a shift in derivatives sentiment. Its 3-month futures premium has finally hit a neutral 6%—the first time in months. While network activity is still 85% below January highs, Solana recorded $32.9M in network fees and a $12B TVL, with fees rising 27% as rivals like BNB Chain and Base declined.
All eyes are now on the potential approval of multiple spot Solana ETFs. The recent success of the SSK ETF, already managing $130M since July, shows rising institutional interest. If ETF approval lands, it could be the trigger that propels $SOL toward the $260 target.
