Solana (SOL), currently trading as the fifth-largest cryptocurrency, has formed a unique price trend on the daily chart. Notably, Solana has formed a major resistance despite declining trading volumes.
The current Solana price trend comes amid heightened discussions surrounding the potential launch of an Exchange-Traded Fund (ETF).
The Solana Price and On-chain Metrics
Solana price is a big beneficiary of the ongoing rally in the broader crypto market. The top altcoin has solidified its leading position with its 5.10% jump in the past 24 hours, pegging its price at $217.38.
Solana’s ability to break and hold above the $215 key resistance level has been critical to its recovery trajectory. SOL has surpassed its 50 SMA, indicating bullish sentiment is returning.
SOL’s weekly performance has added to the bullish price outlook, with the price increasing by 19.2% in the last 7 days. However, the monthly performance is gradually paring off losses it accrued in late December as prices are still down 3.6% in this period.
Meanwhile, another crucial indicator shows reduced sentiment among traders.
On-chain data shows buyer pessimistic sentiment marked by the 7.5% decline in trading volume to $3.9 billion. Still, Solana bulls have entered the “Greed” territory, suggesting more capital inflows in the next few days.
Solana ETF Odds and Current Memecoin Sentiment Booster
Solana’s bullish recovery comes amid heightened expectations of a Solana ETF product.
The stakes are high as never before for the launch of a SOL ETF in 2025. Crypto market participants argue for a Solana ETF this year.
This optimism is based on the change in the US administration and, in particular, the reforms coming to the Securities and Exchange Commission (SEC).
In December 2024, the SEC planned to turn down Solana ETF application, reportedly due to potential security status. With the SEC Chairman Gary Gensler possibly leaving office later this month, community members are optimistic about a Solana ETF launch later this year.
The growth of memecoins built on the Solana blockchain has also helped to push SOL’s price higher.
The memecoin market rebounded sharply as Bitcoin (BTC) reclaimed the $98,000 mark. After weeks of declining prices, dogwifhat (WIF) and Bonk (BONK) staged standout gains, hinting at renewed investor interest.
Thus far, BONK has increased by 10.05% in the last 24 hours, while WIF has surged 8.03% within the same timeframe.
Solana Ecosystem: Will Saga Mobile Drive New Hype?
After the Saga phone’s success, Solana Mobile has announced its intention to launch its second smartphone, Seeker.
The phone, slated for release later this year, features a native wallet designed in collaboration with SolFlare. It integrates with Solana Mobile’s secure seed vault and will likely be secured by a thumbprint.
Integrating BONK memecoin with the Solana Saga contributed to its huge success. BONK memecoins were airdropped to the phones’ wallets in amounts worth hundreds of dollars.
Moving forward, many expect a bullish Solana price run. With Solana Mobile leaning into airdrop hype in its early marketing campaign for the Seeker, the rate of adoption of the coin might grow in the coming months.
