Solana Surges 2% Past $149 Resistance Amid ETF Approval Hopes

Solana (SOL) has recently surged past the $149 resistance level, marking a significant breakout from a classic Cup & Handle pattern on the 4-hour chart. This technical formation is often indicative of strong bullish momentum, and the price currently holds above $151, with the critical resistance at $149 now acting as support. The breakout is further supported by a MACD bullish crossover and the Relative Strength Index (RSI) surpassing the 50 threshold, both of which suggest growing buying pressure. Market participants are now watching the $168 to $174 range as the next potential target zone, provided that the current support level remains intact.

In addition to the Cup & Handle breakout, Solana’s price has also broken out from a symmetrical triangle that had been forming since late May. The convergence of resistance and support trendlines near $153 created a critical breakout zone, which the price has successfully surpassed. This breakout suggests that liquidity pools above $165 could become targets for buyers, further supporting the bullish case. Traders should remain cautious of volatility but recognize the confluence of technical signals favoring upward movement.

Adding to the technical optimism, regulatory developments suggest that a Solana ETF approval is imminent. A leaked communication indicates that the SEC has no further comments on the REX Shares Solana ETF application, a strong signal that the approval process is nearing completion. This ETF is notable for including staking features, which could attract institutional investors seeking yield opportunities alongside capital appreciation. The approval of such a product often leads to increased liquidity and price stability, as seen previously with Bitcoin and Ethereum ETFs. As July 2025 approaches, Solana stands poised to benefit from this influx of institutional capital, potentially driving sustained price appreciation.

Supporting this technical setup, Bluntz Capital highlights the breakout of a descending trendline on the 8-hour chart, accompanied by increased trading volume—an essential factor confirming the validity of the breakout. The price is also trading above the 50-day Exponential Moving Average (EMA) at approximately $151.48, which often acts as a dynamic support level in trending markets. Should bullish momentum persist, resistance levels near $160 and $172 will be critical to monitor for potential profit-taking or further acceleration.

In conclusion, Solana’s recent technical breakout combined with the near-term prospect of ETF approval positions the cryptocurrency for a potentially significant rally. The confirmation from key indicators like MACD and RSI, alongside trendline and pattern breakouts, underscores a robust bullish setup. Meanwhile, the regulatory green light for a staking-enabled ETF could usher in substantial institutional investment, enhancing market depth and stability. Investors and traders should monitor the $149 support level closely, as holding above this zone is critical for targeting higher resistance levels between $168 and $174 in the coming weeks.