After weeks of sideways movement, Solana (SOL) is quietly picking up pace. The cryptocurrency has gained over 5% in the past week, giving investors fresh reasons to hope that a larger move may be coming, possibly even a retest of its all-time high. But is this just a temporary uptick or the start of something bigger?
According to a recent analysis shared on CryptoQuant by market watcher Burak Kesici, Solana’s spot and futures markets have entered what he calls a “cooling” phase. Using Bubble Maps: a tool that visualizes trading volume and momentum across different exchanges, Kesici highlighted that Solana is no longer in the overheated territory. Instead, it’s moved into a neutral zone.
Now, here’s where things get interesting. While cooling often signals a slowdown, in this case, it might mean something else entirely. Neutral or “cooling” phases are often associated with strategic accumulation, when smart money starts to quietly load up on assets before a larger move. That’s the perspective some traders are beginning to adopt as Solana holds above $165.
Adding fuel to the bullish fire is talk of a potential Solana exchange-traded fund (ETF) coming to market. In a post on X, Bloomberg analyst Eric Balchunas floated the possibility of Solana leading what he dubbed an “altcoin ETF summer.”
If the U.S. Securities and Exchange Commission gives the green light, Solana could become one of the first major altcoins with a spot ETF on the U.S. market.
This isn’t just market gossip. Prediction market Polymarket currently shows a 91% probability of a Solana ETF being approved sometime in 2025. That figure has been steadily rising and is now the highest it’s been all year. Some speculators even believe the ETF could go live as soon as July.
Technicals are also looking promising. Crypto analyst Ali Martinez recently pointed out a classic Cup and Handle formation on Solana’s weekly chart.
According to Martinez, a confirmed breakout above the $200 resistance zone could potentially trigger a sharp rally, possibly even pushing prices toward $1,000 or higher.
While that may sound overly optimistic to some, it’s worth noting that Solana previously ran from under $30 to nearly $300 in less than a year during its last bull cycle.
But not all signs point straight up. On-chain data has flagged large movements from dormant wallets, old Solana addresses that hadn’t moved in a long time, suddenly transferring funds.
That’s sometimes a sign that long-term holders are getting ready to sell. If that turns out to be true, it could introduce short-term selling pressure just as momentum is building.
Still, sentiment in the community remains upbeat. There’s a growing belief that Solana could not only retest but break above its previous all-time high of $293 if the ETF narrative plays out and technicals hold.
At the time of writing, SOL trades around $159, inching closer to that key $200 resistance level. The market cap currently values at $83.89 billion and 24-hour trading volume, valued at $4.49 billion, dropping 20.90%.
In short, Solana isn’t exploding, not yet, but enough early signals are flashing across charts, exchange data, and regulatory discussions to suggest something could be brewing. If the stars align, this summer could turn into Solana’s biggest season yet.
Also Read: Bitcoin Could Explode to $200K as US Debt Soars: Bitwise