Despite being down roughly 15% this month from its opening price of $156, several bullish factors could send Solana (SOL) surging before June ends. The asset’s trading volume has been rising amid the dip, signaling that traders still have interest in the depreciating altcoin. With Bitcoin’s dominance up, coins like SOL have faced pressure, but the Solana network token has shown strength in the past against the opposition. Thus, there is a solid chance that SOL could rally before and entering July 2025.
The price of Solana may undergo a bullish rally in the coming days, as three key factors, including on-chain and macro-factors, suggest that SOL could rally. One of the most popular developments suggesting SOL will surge is the growing odds of an SOL ETF. Solana (SOL) also has several spot ETF applications currently awaiting approval with the SEC. A new firm has even joined the fray, with Invesco Galaxy following an S-1 application for a Spot Solana ETF. According to Bloomberg ETF analyst James Seyffart, there is a 90% chance that the SEC will approve a spot SOL ETF this year. Any of these factors could play a role in the soap opera of SOL rebounding to ATH levels.
In addition, Data from DeFiLlama shows that SOL currently ranks second in decentralized exchange (DEX) volumes, which could boost the Solana price also. In the last 30 days, DEX volumes reached $64 billion, higher than Ethereum’s $61 billion. This growth shows that the SOL price has bullish catalysts that may support a recovery. According to recent data from the CME Group, Solana futures on the exchange have also hit a volume of 1.75 million contracts. This indicates a growing interest and belief in the SOL cryptocurrency on an institutional level, which can always lead to a growth in investor hype and price.
Also Read: Nasdaq-Listed Upexi Buys $7.8 Million Solana Amid Market Dip
Furthermore, a potential Nasdaq listing may also be reigniting momentum behind Solana (SOL). Indeed, a filing by Canadian firm Sol Strategies with the SEC suggests a move to list SOL on Nasdaq. The listing would certainly attract investors, possibly send SOL back up. Currently, there is no update on the Nasdaq listing, but there is enough speculation out there that with the growth of the crypto industry this year, an approval is imminent. Current price data reveals liquidation heatmaps that indicate a dense liquidity cluster around $160. The cluster hints at a possible price movement toward that price if SOL starts to pick back up. That can occur if the Solana cryptocurrency is indeed placed on the Nasdaq composite.
As for how high it could go, analysts are mixed. Some suggest that SOL is bound for a new ATH before the year is over, perhaps reaching near Ethereum levels of $1,000. First though, it has to prove that the rebound is indeed here. SOL’s bullish fundamentals, including whale acquisitions and ETF hype, point to a steadily rising price over the medium- and long-term. As bullish factors align around the SOL price forecast, technical indicators and the Fibonacci extension provide the key levels to watch if an explosive rally happens in June. The first level lies at the 61.8% Fibonacci at $152, which the Solana price needs to flip into support to give way for a bull run. Such a run may send SOL to $160 sometime in the beginning of July.
