Key takeaways:
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SOL futures open curiosity is up 12%, signaling robust institutional curiosity.
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Spot Solana ETF approval odds bounce to 91% on Polymarket.
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A SOL value bull flag is in play on the weekly chart, concentrating on $335.
Solana (SOL) value is up 4.3% over the past 24 hours to commerce at $165 on Wednesday. That is nonetheless 43% under its all-time excessive of $294, reached on Jan. 19.
Nevertheless, a number of elementary, onchain and technical metrics counsel that SOL may proceed its ascent towards new all-time highs above $330.
Solana open curiosity nears all-time highs
SOL’s Wednesday value enhance was accompanied by an uptick in leveraged positions, with the mixture open curiosity (OI) for Solana futures reaching $7.54 billion, up 12% within the final 24 hours. It is a 20% enhance from the earlier week and sits simply 12% under the height of $8.57 billion reached on Jan. 19.
This displays a powerful adoption of SOL derivatives, suggesting rising institutional curiosity but in addition introducing potential dangers.
Regardless of the upper threat of pressured liquidations within the occasion of an SOL value correction, derivatives information factors to additional upside potential.
Rising TVL and variety of energetic Solana addresses
Solana’s main decentralized utility metric began to show energy in April. The community’s whole worth locked (TVL), which measures the quantity deposited in its good contracts, rose to its highest stage since June 2022 at 56.8 million SOL, value about $9.1 billion.
There are different elements that affect Solana’s enhance in worth and TVL. To verify whether or not DApp use has successfully elevated, buyers must also analyze the variety of energetic addresses inside the ecosystem.
The variety of Solana community addresses interacting with decentralized functions jumped by 38.5% over the past 24 hours to 2.7 million. Optimistic efficiency is seen among the many prime 5 DApps, with their distinctive energetic wallets (UAWs) rising by 77%-300% as proven within the chart under.
This means elevated curiosity within the layer-1 ecosystem, lifting demand for SOL.
Solana ETF approval odds bounce to 91%
The probability of the US Securities and Alternate Fee (SEC) approving a spot Solana exchange-traded fund (ETF) in 2025 jumped to 91% Wednesday, in response to Polymarket information.
A number of spot Solana ETF functions from asset administration giants like VanEck, Grayscale, 21Shares, Bitwise and Canary Capital sign strong demand for regulated SOL funding autos.
Associated: Société Générale launches US greenback stablecoin on Ethereum and Solana
Bloomberg senior ETF analyst Eric Balchunas mentioned the SEC may “act early” on Solana and staking ETF filings, putting the approval odds at 90%.
“Prepare for a possible Alt Coin ETF Summer time with Solana seemingly main the best way.”
Prepare for a possible Alt Coin ETF Summer time with Solana seemingly main the best way (in addition to some basket merchandise) through @JSeyff notice this morning which incorporates recent odds for all of the spot ETFs. pic.twitter.com/UMzih4oou7
— Eric Balchunas (@EricBalchunas) June 10, 2025
Approval of those funds may unlock institutional capital, amplify demand for SOL and doubtlessly drive costs greater, with some analysts predicting targets as excessive as $1,300.
SOL value bull-flag hints at $335
SOL value has shaped a bull flag chart sample on the weekly chart, as proven under.
A bull flag sample is a bullish setup that types after the worth consolidates inside a down-sloping vary following a pointy value rise.
Bull flags usually resolve after the worth breaks above the higher trendline and rise by as a lot because the earlier uptrend’s top. This places the higher goal for SOL value at $335, or a 103% enhance from the present value.
The weekly RSI is shifting above the midline and has elevated to 51 this week from 36 on March 31, indicating growing bullish momentum.
Cointelegraph reported that the SOL/USD pair should first flip the resistance at $190 into new help to make sure a sustained restoration.
This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer entails threat, and readers ought to conduct their very own analysis when making a call.
