Solana Price Gains Momentum as DeFi TVL Adds $860M, ETF Odds Hit 4-Month Peak

Solana (SOL) is gaining momentum following a 17% surge in the last six days as it trades at $166 on June 11. Meanwhile, rising network activity as depicted by an $860M surge in DeFi TVL and increased odds of a spot SOL ETF to a four-month high signal that the upward trend currently seen in Solana price may continue.

Advertisement

Advertisement

Solana Price Gains Momentum Amid 17% Surge

SOL price has reached a two-week high with a 40% surge in 24-hour trading volumes per CoinMarketCap’s data, highlighting increased market activity and rising investor interest towards Solana. Volatility is also spiking because in the last 24 hours, Solana price has fluctuated between a daily low of $156 and a daily high of $167.

Solana Price ChartThe growing interest stems from a 17% uptrend from the recent swing low of $142 recorded on June 6. However, SOL’s gains have not been an isolated case, as the broader crypto market has been surging amid optimism around a US-China trade deal.

A recent CoinGape analysis noted that the Solana price rally seen between mid-April and mid-May and the subsequent drop formed a classic bull flag pattern. Per this analysis, Solana price may surge by over 90% to an all-time high of $300 as it breaks out from resistance and defends support at $152.

Besides rising volumes and a strong technical structure, rising network activity and optimism around a spot Solana ETF approval make a rally more likely to occur.

Advertisement

Advertisement

Solana DeFi TVL Adds $860M

Data from DeFi aggregator platform DeFiLlama shows that Solana’s DeFi TVL has surged to $9.01 billion. This means that the metric has grown by more than $860 million in just five days, which is a key indicator of strong network activity.

Solana DeFi TVLThe surging TVL stems from surging DEX volumes. These volumes have nearly doubled from $1.53 billion recorded on June 8 to $2.95 billion by June 11. As network usage surges, Solana price may continue with the bullish momentum.

At the same time, a spike in meme coin trading activity may be driving SOL’s network growth. Meme coins have been a precursor to Solana price moves in the past, and with speculative interest returning to the market, SOL-based meme coins are recording growth with a 6.7% surge in market cap within 24 hours, according to CoinGecko data. This is also bullish for Solana.

Advertisement

Advertisement

SOL ETF Approval Odds by July 31 Hit 61%

As the deadline for a spot Solana ETF approval nears, Polymarket data reveals 61% odds that the products may get regulatory greenlight by July 31. The approval odds are at their highest since January and have recorded a notable spike from a recent low of 16%.

The renewed optimism follows an update from the SEC asking SOL ETF Issuers to submit amended S-1 forms. Once the firms are submitted, a spot SOL ETF will be one inch closer to approval and could launch within three to five weeks.

Therefore, as the Solana community eagerly awaits the SEC to greenlight a spot SOL ETF, and network activity surges, Solana price may continue with the bullish momentum. If this happens, SOL may rally to as high as $300.

To get more details on how Solana price will perform for the next five years – Read This.

Advertisement

✓ Share: