Solana's SOL Token Surges 40% in a Week, Reaching $131.04

Solana’s native token, SOL, has experienced a significant surge, gaining over 40% in the past week. This rally has pushed the token’s price above $130, marking a notable recovery from its recent dip below $100. The cryptocurrency is currently trading at $131.04, reflecting renewed bullish sentiment among traders.

The impressive recovery of SOL comes amidst growing optimism surrounding potential ETF developments and strong network performance. Despite the recent gains, SOL still trades roughly 55% below its all-time high from January, indicating there is still room for further recovery. The token hit a one-year low of $95.23 last week before beginning its upward trajectory, breaking through important resistance levels that had capped its price throughout March and early April.

Investor confidence in Solana has increased following the appointment of a new Chair of the U.S. Securities and Exchange Commission. This has prompted speculation that altcoin ETFs, potentially including one for Solana, could face regulatory review soon. Data from Polymarket reflects this sentiment shift, with the probability of Solana ETF approval by 2025 rising to 81%, up from 65% earlier this year. In March, the first U.S.-based Solana futures ETFs were launched, offering both leveraged and standard exposure. Following these developments, Grayscale Investments submitted an amended S-1 filing seeking to convert its Solana Trust into a publicly listed ETF on NYSE Arca.

The recent price action has been accompanied by bullish technical indicators. The MACD is showing positive momentum, with the MACD line crossing over the signal line, suggesting continued upward movement. The Relative Strength Index (RSI) currently sits at 53.49, above the neutral 50 mark, indicating a bullish bias. The RSI has also shown multiple bullish divergences in recent months. The SOL/ETH ratio, which reflects the value of Solana in Ether, reached 0.080 on April 13, marking the highest weekly close ever. This ratio has been forming higher highs on the daily chart since April 4, suggesting an uptrend is underway. Solana has increased by 35% over the last seven days, compared to a 13% increase in ETH price over the same timeframe, showing Solana’s outperformance in the market.

On-chain data supports Solana’s recovery with active addresses on the network rising by over 17% this past week. More than 3.5 million new addresses were added, pushing the total above 74.8 million. Solana’s decentralized exchange (DEX) activity remains strong, with 24-hour trading volume reaching $2 billion—more than any other blockchain in the same timeframe. The long/short ratio has hit a 30-day peak at 1.06, suggesting increased demand for long positions. This ratio compares the number of traders expecting price increases versus those expecting declines, with values above 1.0 indicating overall bullish sentiment. The network’s utility continues to expand with new projects launching on its infrastructure. Loopscale, a traditional lending platform, recently launched on Solana and has already processed over $750 million in loan volume while onboarding more than 50,000 users. Solana’s head of institutional growth has noted growing interest from venture capital firms, with institutional investors increasingly viewing Solana as a viable foundation for long-term Web3 infrastructure.

The current price of SOL stands at $131.04. If buyers maintain their momentum, the coin could break out of its current pattern and rise towards $147.6, its next crucial resistance level. The recent developments and technical indicators suggest a continued bullish outlook for Solana, with potential for further price appreciation in the coming weeks.