Solana (SOL) is back in the spotlight, gaining 4.3% in the past 24 hours to reach $165. Although still 43% below its all-time high of $294, multiple bullish indicators—including technical patterns, ETF optimism, and surging user activity—suggest SOL could be on the verge of a major breakout.
Here’s why analysts are calling for a potential 103% rally, targeting the $335 mark.
1. 🚀 Open Interest Signals Growing Institutional Demand
Solana futures open interest (OI) soared to $7.54 billion, up 12% in just 24 hours and only 12% shy of its January all-time high of $8.57 billion. This rise reflects growing speculative demand and institutional appetite for SOL derivatives.
⚠️ Note: While elevated OI can boost upside momentum, it also increases the risk of liquidation cascades during corrections.
2. 📈 On-Chain Activity Surges: TVL and Wallet Growth
Solana’s Total Value Locked (TVL) has hit its highest point since June 2022, reaching 56.8 million SOL (~$9.1B), per DefiLlama. That signals robust growth in DeFi participation on the network.
Supporting this trend:
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Active Solana addresses interacting with dApps jumped 38.5% to 2.7 million in 24 hours.
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Unique Active Wallets (UAWs) on top 5 dApps surged 77% to 300%, according to DappRadar.
These metrics point to real user demand—validating price increases beyond mere speculation.
3. 📊 Solana Spot ETF Approval Odds Jump to 91%
According to Polymarket, the odds of a Solana spot ETF approval in 2025 have surged to 91%. This follows multiple ETF filings from major players including:
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VanEck
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Grayscale
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21Shares
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Bitwise
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Canary Capital
Bloomberg ETF analyst Eric Balchunas noted that the SEC may “act early” on these applications, fueling talk of an “Altcoin ETF Summer” with Solana leading the charge.
📈 A spot ETF would open the floodgates to institutional capital and could drive SOL to new all-time highs.
4. 📉 Technical Bull Flag Targets $335
Solana is currently forming a bull flag on its weekly chart—a strong continuation pattern. If confirmed, it projects a 103% rally from current levels with a price target of $335.
Key technical signals:
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Weekly RSI has risen from 36 (March 31) to 51, signaling renewed momentum.
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SOL must break and hold above $190 resistance for confirmation of this move.
🔚 Bottom Line: Why SOL Could Hit $300+
Solana is aligning across all fronts:
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Technical: Bull flag breakout forming
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On-chain: TVL and user activity rising
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Institutional: ETF hype + record derivatives interest
If these trends hold and ETF momentum builds, Solana could not only retest its previous ATH but even break above $300 in 2025.