TLDR
- Solana price jumped 6% to $135 in the last 24 hours
- Trading volume surged by over 60% to $3.57 billion
- Volatility Shares launching first-ever Solana Futures ETFs (SOLZ and SOLT) today
- SOL broke out of a converging triangle pattern with potential targets of $150-$180
- Solana futures open interest has reached $2.7 billion, levels not seen since October 2024
Solana has seen a strong price increase in the past 24 hours, climbing 6% to reach $135. This upward movement comes as Volatility Shares prepares to launch the first-ever Solana Futures ETFs in the US market on Thursday.
The price jump has been accompanied by a surge in trading activity. Daily trading volumes for SOL increased by 61%, exceeding $3.57 billion as traders rushed to take positions.
Volatility Shares LLC, a Florida-based investment firm, is introducing two Solana Futures ETFs to the market. The standard ETF will trade under the ticker SOLZ and will directly track Solana futures.
The second product, trading under SOLT, will be a leveraged ETF. It will offer investors double exposure to Solana price movements, making it a higher-risk, higher-reward option for traders.
This ETF launch follows a pattern seen with other cryptocurrencies. Bitcoin and Ethereum both had futures ETFs before spot ETFs were approved. Many see this as a stepping stone toward eventual spot Solana ETF products.
Technical analysts have noted that Solana recently broke out of a converging triangle pattern. This technical formation suggests potential upside targets in the range of $150 to $180.
$SOL has broken out of a symmetrical triangle
Would like to see a retest of the trendline and a higher low for more upside
The next resistance level is around $170-$180 🚀#Solana pic.twitter.com/S49kd9LaxG
— Trader Edge (@Pro_Trader_Edge) March 20, 2025
If bulls successfully push past this range, some analysts believe another leg of the rally could take SOL back toward $260 and beyond. The cryptocurrency had reached highs of around $270 in November 2024.
Despite those previous highs, Solana has experienced a steep correction over the past four months. The price fell more than 50% from its November peak before showing recent signs of recovery.
Market sentiment appears to be improving
Market sentiment appears to be improving across the crypto sector. Tuesday’s Federal Reserve meeting resulted in unchanged interest rates at 4.5%, which investors took as a positive signal.
Crypto analyst Ali Martinez highlighted that Solana futures open interest has increased to $2.7 billion. These levels were last seen in October 2024, indicating renewed interest in the Solana derivatives market.
The rising open interest signals growing participation from both investors and traders. Many market watchers interpret this as a sign that SOL may be forming a bottom after its recent correction.
In the broader timeframe, Solana has gained 7.91% over the past seven days. The cryptocurrency’s total market capitalization currently stands at $68.4 billion.
The 24-hour price range has seen SOL move from $126.41 to its current level of around $135. The high trading volume suggests strong interest from investors who may be anticipating further gains in the short term.
For context, Solana remains one of the top blockchain platforms for decentralized applications. The network is known for its high speed and low transaction costs, making it popular for various crypto projects.
With the ETF launch and technical breakout happening simultaneously, many market participants are watching SOL closely for signs of continued momentum in the days ahead.
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