Solana's Price Surges 38% on ETF Hopes, Network Activity

Solana's price has experienced a significant rebound in recent days, driven by increased network activity and investor confidence. The SOL coin, which had fallen to a low of $95.15 earlier this month, jumped to a high of $132 on Monday. This surge can be attributed to several key factors, including the performance of tokens within its ecosystem, increased activity in its decentralized exchange (DEX) networks, and its status as the most active blockchain network in terms of active addresses and transactions.

The first main reason for the SOL price rebound is the performance of tokens within its ecosystem. Tokens such as Fartcoin, Popcat, Dogwifhat, and Vine have seen significant gains, with Fartcoin soaring by over 300% from its lowest point this year. This performance has historically correlated with a rise in the SOL price. Additionally, the weekly volume handled by the top DEX networks in Solana has jumped by over 32% to $15.54 billion, making it the second-biggest chain in the industry. This growth has brought the cumulative volume in the last 30 days to over $47 billion, a figure that is expected to cross $50 billion this year. Popular DEX networks on Solana, such as Orca, Raydium, Pump, and Meteora, see higher volume when meme coins like Fartcoin and Dogwifhat are rising.

Solana's status as the most active blockchain network in the crypto industry, in terms of active addresses and transactions, has also contributed to its price rebound. Solana handled over 1.46 billion transactions in the last 30 days, much higher than Tron, which processed 250 million, and Ethereum, which handled 35 million in the same period. Solana also has over 101 million active addresses in the last 30 days, a figure that is higher than the other ten combined. This high level of activity has led to higher fees, which has further boosted the SOL price.

Another factor contributing to the SOL price rebound is the accumulation of the coin by a small tech company in the real estate industry. The company, which raised $45 million last week, has started to buy SOL in hopes of becoming the MicroStrategy of Solana. This accumulation has added to the demand for SOL, further boosting its price.

Investors' predictions that the Securities and Exchange Commission (SEC) will approve a spot SOL ETF have also contributed to the SOL price rebound. The odds of an approval stand at over 70% on Polymarket, which has sparked investor interest and buying activity. This regulatory shift, coupled with a broader market recovery, has contributed to a significant price increase for Solana, raising questions about whether this is the start of a sustained rally or a temporary bounce.

The technical analysis of Solana's daily chart indicates bullish recovery signs. After reaching a low near $100, Solana has surged to $124.80, marking a 6.48% gain in a single session. This rally has pushed Solana above its 20-day and 50-day simple moving averages (SMAs), which are currently at $123.51 and $132.50, respectively. However, the 100-day and 200-day SMAs, at $171.47 and $181.77, remain as longer-term resistance levels. If Solana can break through the 50-day SMA and maintain volume, it could target the $140–$150 zone next. The Accumulation/Distribution Line (ADL) has started turning upward from its base at 1,568.12, signaling a return of buying interest. The Heikin Ashi candles also show growing bullish momentum, with large-bodied green candles and diminishing lower wicks—a sign of strength and trend continuation.

The hourly chart for Solana presents an even more bullish outlook. Solana has broken out above its 20-, 50-, 100-, and even 200-hour SMAs, now trading near $128.79. This alignment of short- and long-term moving averages below price is a classic bullish setup. Momentum is clearly building, with consecutive green Heikin Ashi candles and rising volume. The recent hourly move from $114 to $129 wasn’t just a bounce—it was a momentum-driven breakout. If bulls maintain control, the next key psychological level to watch is $135, with room to test $145 if the ETF narrative intensifies. However, the ADL on the hourly chart remains flat at 1,278.22, indicating that while price is moving up quickly, whales and institutions might still be cautious. For this rally to be sustained, accumulation must pick up in the coming sessions.

The market's optimism is fueled by the potential approval of a Solana ETF, which could significantly boost its price. The appointment of a new regulatory head known for his pro-crypto stance has raised hopes for a more favorable regulatory environment. Solana's real-world usage, speed, and developer ecosystem make it a strong contender for ETF approval. While nothing is confirmed, the market is clearly hopeful, and even the possibility of a Solana ETF in the U.S. is enough to move the needle, especially as retail and institutional investors search for the next breakout altcoin.

If the bullish momentum continues and ETF speculation strengthens, Solana could soon push toward the $140–$150 range, with the potential to retest its 100-day SMA around $170 in a more aggressive rally. However, the path won't be straight. Resistance is thick near $132 and again near $150, and a sudden drop in ETF enthusiasm or broader market weakness could pull Solana back toward the $110 support zone. Still, for now, the technicals and sentiment are aligned. Solana’s ETF story is gaining traction—and the price action is starting to reflect that narrative.