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Solana (SOL), the sixth-largest cryptocurrency by market capitalization, has increased by nearly 9% in the last 24 hours.
Solana's price appears to benefit from the recovery across the cryptocurrency market and renewed optimism over a prospective Solana ETF approval in the U.S. following Paul Atkins’ confirmation as SEC chair. On Polymarket, the betting odds for a SOL ETF approval in 2025 are currently 76%. Over the last three months, the chance of approval has shifted 11% in favor of the bulls, from roughly 65% on Jan. 4.
Tomiwabold OlajideAt the time of writing, SOL was up 6% in the last 24 hours to $125, outperforming the top 10 cryptocurrencies in daily gains. SOL is increasing weekly, up 4%. Solana has been in a steady rebound since April 7, when it found support at $95.16.
After a dip on Thursday, Solana resumed its rebound on Friday, reaching intraday highs of $125.49 in the early Saturday trading session.
Solana gains interest in market
The rebound in SOL price coincides with an overall positive shift in sentiment across the crypto market with some crypto tokens attracting interest in the market, including Solana.
Godfrey BenjaminAccording to on-chain analytics platform Santiment, as the weekend kicks off, Solana is among the top trending tokens seeing an uptick from usual discussion levels on social media.
Santiment noted that Solana conversations, which are on the rise, highlight trading strategies, price movements and market analysis involving Solana, indicating its significance in the current crypto landscape. Additionally, Solana is noted as one of the leading altcoins experiencing a surge, which contributes to its visibility and relevance in financial discussions.
If the current rebound sustains, Solana may rise to the 50-day SMA at $132.14 and then to $153. This view will be invalidated in the short term if the SOL price turns down sharply and breaks below $110. Solana could then retest the April 7 intraday low of $95.
Vladislav Sopov
Dan Burgin