Solana (SOL) Surges 10% on ETF Backing, Institutional Interest

Solana (SOL) has recently demonstrated strong bullish momentum, reclaiming key resistance levels and securing backing from an exchange-traded fund (ETF). This development has generated optimism among investors, with some predicting that SOL could reach $165. The cryptocurrency has been on a steady climb, and its recent price action suggests that it may continue to rise. The ETF backing is seen as a major catalyst for this potential price surge, as it provides additional liquidity and legitimacy to the asset.

Anchorage Digital has been selected as the custodian for the REX-Osprey Solana + Staking ETF, enabling institutional access to SOL through regulated investment vehicles. This move is a significant milestone for Solana, as it allows for exposure to SOL through retirement and asset management vehicles. Additionally, DeFi Development Corp has allocated $112.5 million to SOL, signaling a strategic interest similar to MicroStrategy’s approach with Bitcoin. This allocation underscores the growing institutional belief in the asset.

From a technical perspective, SOL is exhibiting a bullish breakout structure. The price has reclaimed key resistance at $148–$150, which is now acting as support, and is approaching the next pivot zone at $158.80–$165.00. The breakout follows a bullish RSI divergence and higher low formation from the $136 support level. Indicators are neutral-bullish with improving moving average alignment and increasing volume. A close above $155 could confirm a continuation toward $170–$183, while downside support lies at $143–$145.

Despite this short-term recovery, the token remains −3.18% for the month and is still in the red −26.71% over the past six months. Year-to-date, SOL has lost −19.35%, although it remains in long-term positive territory with a +4.08% yearly gain. The recent price action suggests that SOL may continue to rise, but some analysts caution that unless SOL can sustain its momentum and flip the $147–$150 resistance levels into support, the path to $165–$175 remains uncertain. The cryptocurrency market is known for its volatility, and SOL is no exception. Investors will be closely watching the price action in the coming days to see if SOL can maintain its upward trajectory and reach the predicted target of $165.