- Polymarket data shows a 90% probability of SEC approval for Solana ETFs, pushing bullish expectations for SOL’s price.
- JPMorgan analysts project over $6 billion in potential inflows for Solana ETFs within the first year of launch.
- Solana has broken above a descending channel and sits above the Fibonacci level, signaling a potential rally toward $186.
Solana’s price has stayed relatively flat since June 29, hovering around $152.68. This ongoing consolidation phase follows a sharp decline from a May high of $186.7. Despite the pullback, the token has maintained a level above the 23.6% Fibonacci Retracement at $141.8.
Optimism around a spot Solana ETF continues to build. According to data from Polymarket, there is a 90% probability that the U.S. Securities and Exchange Commission will approve the product later this year. Although a ruling on one such as the one involving the Fidelity Solana ETF was recently postponed by the SEC, others, such as those of Grayscale and 21Shares, are still in the review phase. Such delays are meant to give more public feedback.
Analyst Expectations for Inflows Rise Sharply
According to JPMorgan analysts, spot Solana ETFs could attract over $6 billion in inflows within the first year. This forecast adds to positive sentiment following the approval of the Staking ETF (SSK), which has already gathered over $20.7 million in assets. Despite its high expense ratio of 1.14%, the SSK ETF has drawn strong interest, signaling broader investor demand.
Broader ETF market activity supports a bullish outlook for Solana. Spot Bitcoin ETFs have recorded close to $50 billion in inflows, while Ethereum equivalents have seen about $4.46 billion. These figures reflect strong institutional interest across major crypto assets.
Technical Setup Indicates Bullish Breakout Potential
On the technical front, Solana’s chart shows the formation of a bullish flag pattern, along with an inverse head-and-shoulders. The coin has broken above a descending channel that had previously capped gains since May.
These patterns suggest the potential for a rally back to May’s high of $186, representing a 23% increase from current levels. A further break above that price could trigger a run toward $297.
Solana may also benefit from upcoming legislative actions during the planned “Crypto Week” in Congress. One key bill, GENIUS, has already passed the Senate and supports stablecoin infrastructure, where Solana holds a leading position with over $10 billion in stablecoin supply.
