SOL About to Go Stratospheric?

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So, I was having a bit of a rubbish day, and then I stumbled upon the most fabulous chart – a SOL price bull flag, no less! 🤩 It’s like the universe decided to give me a little pick-me-up.

The lowdown:

  • The odds of a spot Solana ETF getting approved have jumped to a whopping 99.7% on Polymarket. I mean, who doesn’t love a good ETF, am I right? 🤑

  • SOL price is looking like it’s about to go on a bit of a tear, with a bull flag pattern targeting $300. Because, why not? 🚀

Now, I know what you’re thinking – what’s the big deal about a bull flag pattern? Well, let me tell you, it’s like a big ol’ neon sign screaming “BUY ME!” 💸 It’s a technical chart formation that’s associated with strong bullish momentum, and who doesn’t love a good momentum trade? 🤑

The technicals

So, the SOL price technicals are looking pretty fab, if I do say so myself. The daily RSI is moving above the midline, and the price is consolidating inside a down-sloping range following a sharp price rise. It’s like the perfect recipe for a breakout! 🍳

And, let’s not forget about the resistance between $155 and $165 – it’s like the ultimate test of strength. Can SOL overcome it and reach new heights? 🤔 Only time will tell, but I’m feeling pretty optimistic.

Now, I know some of you are thinking, “But what about the fundamentals?” Well, let me tell you, they’re looking pretty solid too. Increasing network flows, rising spot Solana ETF approval odds, and bullish on-chain metrics – it’s like the perfect storm of awesomeness! 🌪️

“Solana’s inevitability continues to grow as fund inflows from other chains are growing every week and month,” said crypto analyst CryptoBits in a July 9 post on X. And, let’s be real, who doesn’t love a good inevitability? 😏

The ETF approval odds

So, the likelihood of the US Securities and Exchange Commission approving a spot Solana exchange-traded fund (ETF) in 2025 jumped to 99.7% on July 2, according to Polymarket data. I mean, it’s like the universe is just begging us to buy SOL! 🤑

And, let’s not forget about the multiple spot Solana ETF applications from asset management giants like VanEck, Grayscale, 21Shares, Bitwise, and Canary Capital. It’s like the who’s who of the financial world is just clamoring to get in on the SOL action! 🤩

“Here are mine and @EricBalchunas’ most recent odds on spot crypto ETF approvals by the end of 2025. We expect a wave of new ETFs in this second half of 2025,” said Bloomberg senior ETF analyst James Seyffart. And, honestly, who doesn’t love a good wave? 🌟

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2025-07-09 13:56