On June 16, Solana's native token, SOL, experienced a significant price increase of 9.5%, climbing to $157 from a low of $144. This surge is attributed primarily to rising optimism around a potential Solana ETF approval, with approval odds reaching 91% on Polymarket, up from 77.5% less than ten days prior. This optimism follows reports that several asset managers, such as VanEck and Grayscale, have filed for a Solana ETF with the SEC. Additionally, SOL futures open interest has surged by 22% over the past month to 45.87 million SOL, indicating strong institutional interest. The market's bullish sentiment is further supported by a bull flag chart pattern, suggesting a potential price target of $315. For continued upward movement, SOL must maintain a position above its 50-day simple moving average at $161, frequented by solid trading volume of $4.5 billion within the last 24 hours.

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