Solana Price Rises Amid Cooling Volume, ETF Speculation Fuels Bullish Outlook

Solana (SOL), the sixth-largest cryptocurrency by market cap, is experiencing a cooling trend in both spot and futures trading volumes, according to blockchain analytics firm CryptoQuant. Recent bubble chart analysis shows a decrease in volume across all exchanges. The spot volume bubble turned green, signaling a slowdown, while futures volumes remained neutral, indicating little change.

While reduced trading activity might seem bearish, CryptoQuant suggests it could signal a potential accumulation phase, especially if a key catalyst emerges. Market sentiment is increasingly focused on the possible approval of a Solana spot ETF. Bloomberg ETF analyst Eric Balchunas recently forecasted a high 90% probability of a Solana ETF approval, predicting an “Altcoin ETF Summer” that could drive renewed investor interest.

Despite the decline in volume, Solana has been on an upward trajectory. At the time of writing, SOL is up 4.74% over the last 24 hours, trading at $166. This marks the sixth consecutive day of gains since June 5. Solana has successfully surpassed its 50-day simple moving average (SMA) of $161, which it previously fell below in mid-April.

A decisive move above the 200-day SMA at $175 could confirm a bullish breakout, potentially pushing SOL toward the $200 resistance level. With ETF approval optimism and technical indicators aligning, Solana could be gearing up for a strong summer rally.

Investors are advised to monitor market developments closely, as low trading volume combined with high-impact catalysts often precedes significant price moves. As Solana hovers near key resistance levels, market momentum may shift quickly, making this a critical period for traders and long-term holders alike.