Solana (SOL) demonstrates significant growth potential fueled by accelerating onchain activity, heightened institutional engagement, and favorable prospects for spot ETF approval. Technical analysis indicates a possible bullish trajectory toward $335.
Futures open interest for Solana surged 12% within 24 hours to reach $7.54 billion, nearing its all-time high. This substantial increase reflects robust institutional participation in SOL derivatives markets.
Network fundamentals show parallel strength, with total value locked (TVL) climbing to 56.8 million SOL (approximately $9.1 billion) – the highest level since mid-2022. This TVL expansion coincides with a 38.5% increase in active addresses, signaling growing user adoption.
Prediction market Polymarket indicates a 91% probability of spot Solana ETF approval in 2025. Major asset managers including VanEck and Grayscale have filed applications, amplifying market optimism about regulated investment products for SOL.
Technical charts reveal a developing bull flag pattern, suggesting potential upward momentum toward $335. This breakout scenario remains contingent on SOL establishing $190 as reliable support.
The convergence of expanding derivatives activity, favorable ETF outlook, and strengthening network fundamentals positions Solana as a prominent contender in the altcoin sector.