TLDR
- Solana (SOL) has bounced back from $94 to approximately $150, showing a 60% increase from its yearly low
- Multiple companies have applied for spot Solana ETFs with approval odds at 70%, potentially attracting $6 billion in first-year inflows
- Solana meme coins have rebounded with their total market valuation rising from $6 billion to $10.6 billion
- Technical analysis suggests SOL could reach price targets of $196, $238, and potentially $290-$400
- DeFi Development Company has filed a $1 billion shelf offering to fund Solana investments and validator expansion
Solana has staged a remarkable comeback in recent weeks, rebounding from a low of $94 to trade at approximately $150 as of April 28, 2025. This represents a nearly 60% increase from its lowest level this year, defying earlier predictions that the cryptocurrency would drop to $50.
The sixth-largest cryptocurrency by market value, currently worth around $68 billion, has outperformed both Bitcoin and Ethereum on weekly timeframes with gains of nearly 10% over the past seven days and 14% over the last month.
Trading volumes have remained steady above $2.2 billion, indicating consistent demand despite cautious weekend market sentiment. Year-to-date, SOL has posted a 15.8% gain.
Institutional Interest Grows with ETF Applications
A major factor driving Solana’s price recovery is the high expectation for approval of spot Solana ETFs later this year. VanEck, 21Shares, Canary, Bitwise, Grayscale, and Franklin Templeton have all filed applications with the Securities and Exchange Commission (SEC).
Polymarket shows the odds for these approvals have jumped to over 70%, indicating growing market confidence that the SEC will give the green light. This represents a major shift from last year when the SEC rejected these ETFs, claiming they were unregistered securities.
JPMorgan analysts project these ETFs could attract more than $6 billion in inflows during their first 12 months. This would surpass Ethereum ETFs, which have accumulated less than $2.5 billion in total inflows.
Under SEC Chair Paul Atkins, these ETFs may also feature staking capabilities, allowing institutional investors to generate yield, further enhancing their appeal to Wall Street.
Meme Coin Ecosystem Shows Signs of Life
The Solana ecosystem has received an additional boost from the recovery of meme coins built on its blockchain. The total market valuation of Solana-based meme tokens has grown from $6 billion to over $10.6 billion this month.
Official Trump (TRUMP) has led the rally with a 73% increase over seven days, sparked by Donald Trump’s invitation to top holders for an exclusive event at his golf course. Other popular tokens like Bonk have surged by over 55%, while Fartcoin, Pudgy Penguins, Dogwifhat, and Popcat have all posted double-digit gains.
This meme coin resurgence has boosted activity on Solana’s decentralized exchanges (DEX). Data from DeFi Llama shows that the total volume handled by these protocols increased by 31% over the past week, exceeding $20 billion and contributing to a monthly volume above $64 billion.
Strategic Institutional Investments
On Friday, DeFi Development Company (formerly Janover), trading under ticker JNVR, filed a $1 billion shelf offering with the SEC. This move allows the company to issue equity, debt, or other instruments to fund strategic Solana investments and validator expansion.
The company, which already holds approximately $34.4 million worth of SOL, plans to significantly expand its position once SEC approval is granted. Shares of JNVR rose nearly 5% following the announcement, showing positive market reception.
This approach mirrors Michael Saylor’s Bitcoin strategy but with important differences. Beyond simply acquiring SOL, companies like DeFi Development Company are also operating validators and actively staking their holdings, turning Solana into a yield-generating treasury asset.
This trend could reduce the available supply of SOL on exchanges, potentially amplifying price rallies during periods of high demand.
Technical Analysis Points to Higher Targets
Multiple technical indicators suggest Solana’s price could continue its upward trajectory. On the weekly chart, SOL has moved above the 25-period Exponential Moving Average (EMA), generally considered a bullish signal.
The cryptocurrency has formed a falling wedge pattern, which technical analysts interpret as part of a cup and handle formation—a widely recognized bullish continuation pattern.
Based on this technical setup, analysts have established several key price targets. The first resistance level sits at $196.22, followed by $238.80, with an ambitious target of $290.16. Some projections extend even further, suggesting SOL could eventually reach $400, though this would likely take time to materialize.
SOL is currently holding steady above its 50-day simple moving average at $129.89 and approaching the 100-day SMA at $161.94. The BBP oscillator reading of 10.58 reflects ongoing bullish momentum, though recent moderation suggests a brief pause may occur before further advances.
A clean breakout above $155 could open the door toward new peaks as the second quarter of 2025 unfolds. However, failure to maintain support at $140 could invite a retest of prior support near $130.
With its strong technical position and growing institutional interest, Solana appears well-positioned for continued growth through 2025.
