Solana (SOL) Rebounds 0.19% From $130 Support Amid ETF Speculation

Solana (SOL) has shown signs of a bullish reversal after a recent dip, with traders closely monitoring its performance as it regains momentum from a major support zone. The token has bounced back from the $120–$130 support level, indicating that buyers are re-entering the market after a brief correction. This support zone had previously acted as resistance in 2024 before flipping into strong support in 2025, according to market analyst Cas Abbé. The rebound suggests a higher low pattern on the daily chart, which, if maintained, could lead to a retest of the $150–$155 range, with potential for further gains toward the $170 range.

Speculation around a potential Solana ETF approval has been cited as a key driver for future gains. Traders are drawing parallels to the surges experienced by Bitcoin and Ethereum following similar announcements. As July approaches, market participants are closely watching regulatory developments that could impact Solana’s outlook. Abbé believes that the ETF narrative could serve as a catalyst for a breakout, offering a favorable risk-reward setup for bullish positions. However, he emphasizes that the price must hold above the $130 mark to sustain momentum.

Recent price action reflects broader market uncertainty, with SOL trading at $133.77, up 0.19% in 24 hours but down 14.46% over the past week. Trading volume surged by 17.60% to over $5.6 billion, indicating renewed market activity. Analysts caution that failure to hold above $130 could trigger a sharp drop toward $100. Key levels to watch include $134 support and $142.59 as the next possible upside target. Indicators such as the Chaikin Money Flow and Elder-Ray Index suggest ongoing selling pressure.

Veteran trader Matthew Dixon highlighted broader risks, such as U.S.–Iran tensions, which have added volatility across global markets. He noted that Solana’s recovery could accelerate if geopolitical conditions stabilize. In the coming weeks, Solana’s price will likely be influenced by technical strength and external catalysts. Holding above $130 remains critical for bullish continuation, and close monitoring will be essential as the ETF narrative unfolds heading into the end of Q2.