TLDR
- Solana (SOL) price has rebounded from $94 to $150, with a 60% increase in recent weeks
- Market anticipates SEC approval of spot Solana ETFs with over 70% probability according to Polymarket
- SOL meme coin ecosystem has recovered to $10.6 billion market valuation, up from $6 billion this month
- Decentralized exchanges on Solana have seen a 31% volume increase to over $20 billion in the past week
- Technical analysis shows a bullish cup and handle pattern with a potential $400 price target
Solana has staged a remarkable comeback in recent weeks, climbing from $94 to $150 as of Monday, April 28, 2025. This represents a nearly 60% gain from its yearly low, defying earlier predictions that the cryptocurrency would drop to $50.
The sixth-largest cryptocurrency by market cap, currently valued at around $68 billion, has outperformed both Bitcoin and Ethereum on weekly timeframes with a 9.9% gain over the past seven days and 14% over the last month.
Trading volumes have held steady above $2.2 billion, indicating consistent demand despite cautious weekend market sentiment.
SEC ETF Approval Drives Institutional Interest
A key driver behind Solana’s resurgence is the growing expectation that the Securities and Exchange Commission (SEC) will approve multiple spot Solana ETFs later this year.
Companies including VanEck, 21Shares, Canary, Bitwise, Grayscale, and Franklin Templeton have applied for spot SOL ETFs. Polymarket odds for these approvals have jumped to over 70%, marking a major shift after the SEC rejected similar applications last year on the grounds that they were unregistered securities.
JPMorgan analysts predict these ETFs could attract more than $6 billion in inflows during their first 12 months. This would make them more successful than Ethereum ETFs, which have seen less than $2.5 billion in cumulative inflows.
Under SEC Chair Paul Atkins, these ETFs may also include staking features, allowing Wall Street investors to generate yield on their Solana holdings.
The institutional interest extends beyond ETFs. DeFi Development Company (formerly Janover) recently filed a $1 billion shelf offering with the SEC to fund strategic investments, including Solana asset accumulation and validator expansion.
This company already holds approximately $34.4 million worth of SOL and plans to increase its position once it receives SEC approval.
Meme Coin Ecosystem Recovery
Another factor supporting SOL’s price rebound is the recovery of meme coins on its blockchain. The total market value of Solana meme tokens has grown to over $10.6 billion, up from a monthly low of $6 billion.
Official Trump (TRUMP) has led the charge with a 73% increase over the past week, following news that Donald Trump invited top holders to an exclusive event at his golf course.
Other meme coins including Bonk, Fartcoin, Pudgy Penguins, Dogwifhat, and Popcat have all posted double-digit gains in the same period.
DEX Activity Surges
The resurgence in Solana meme coins has boosted activity on decentralized exchanges (DEX) within the network. Data from DeFi Llama shows the total volume handled by these protocols increased by 31% over the last seven days, exceeding $20 billion.
This has led to a monthly volume of more than $64 billion.
The increased DEX activity has benefited the Solana network through higher fees. Solana has generated over $400 million in fees this year, making it the sixth most profitable platform in the crypto industry.
The growth has also driven stablecoin adoption within the ecosystem, with stablecoin values reaching a record level of over $13 billion.
Several companies are also setting up validator operations, actively staking their SOL holdings and turning Solana into a yield-generating treasury asset. This approach could reduce the supply of SOL available on exchanges, potentially amplifying future price rallies.
Technical Analysis Points to Higher Targets
Technical indicators support the bullish case for Solana. The weekly chart shows SOL has moved above the 25-period Exponential Moving Average (EMA), suggesting bulls have taken control.
On the daily chart, SOL formed a falling wedge pattern, which was part of a cup and handle formation – a popular bullish continuation signal. This technical setup points to a potential target of $400, though such a move would likely unfold gradually over time.
After consolidating below $150 for much of the past 48 hours, SOL is now holding steady above its 50-day simple moving average at $129.89 and approaching the 100-day SMA at $161.94.
The BBP oscillator reading of 10.58 reflects ongoing bullish momentum, though recent moderation suggests a brief pause may occur before further advances.
If buyers overcome the $161 resistance level, the falling wedge pattern confirms a potential rally toward $264. However, failure to defend the $140 support could lead to a retest of prior support near $130.
Solana’s year-to-date gain stands at 15.8%, boosted by faster network adoption, positive ETF speculation, and the rapid expansion of DeFi projects on its blockchain.
The sustained defense of the $150 level signals that bulls are preparing for another upward move. A clean breakout above $155 could open the path toward new peaks above $250 as Q2 2025 progresses.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
