Key Points:
The probability of Solana spot ETF approval on Polymarket has surged to 99.7%.
The SOL price has formed a bullish flag pattern on the daily chart, targeting $300.
The price of SOL has formed a bullish flag pattern on the daily chart, which is a technical formation associated with strong bullish momentum, typically appearing after a price breakout.
Does this technical formation, combined with the potential approval of the Solana spot ETF in 2025, signal the beginning of a new round of historical highs?
Technical indicators for SOL's price show that if it breaks out of the bullish flag on the daily candlestick chart, it may gain momentum.
A bullish flag is a bullish formation that typically forms after a sharp price increase, followed by consolidation in a downward-sloping range.
Bullish flags usually resolve after a breakout above the upward trendline and rise to the level of the previous uptrend height. This sets the upper target for SOL's price at $303, or a 100% increase from the current price.
The daily RSI indicator is moving above the midpoint, rising from a near-oversold level of 31 on June 22 to 53 on Wednesday, indicating that bullish momentum is increasing.
To ensure sustained recovery, SOL/USD must first break through the resistance between $155 and $165, which also coincides with the 50-day and 200-day simple moving averages.
Multiple analysts believe that SOL rising to $300 is inevitable, citing increased network traffic, rising odds of Solana spot ETF approval, and bullish on-chain indicators.
"As funds flow into other chains are increasing weekly and monthly, Solana's inevitability continues to strengthen," crypto analyst CryptoBits stated in a post on X on July 9, adding, "My targets are $200, $300, and then the unknown territory of $500."
Renowned market analyst Alek Carter recently indicated on X that strong fundamentals and SOL breaking its multi-month downtrend are leading it towards $300.
"$SOL looking best chart I have ever seen. SOL hitting hard fundamentally too and this just broke the downtrend and the reason is immense utility. And every action is pointing us towards only one thing. SOL pump is coming and targets are $280-$300. What's your plans buying…" pic.twitter.com/VyZUqZJeb4
According to Polymarket data, the likelihood of the U.S. Securities and Exchange Commission approving the Solana spot exchange-traded fund (ETF) in 2025 surged to 99.7% on July 2.
As of the time of writing on Wednesday, the odds were at 99%, indicating that investors are confident about Solana's future in traditional financial markets.
Multiple Solana spot ETF applications from asset management giants like VanEck, Grayscale, 21Shares, Bitwise, and Canary Capital indicate strong demand for regulated SOL investment vehicles.
Bloomberg senior ETF analyst James Seyffart stated that he expects "a wave of new ETFs in the second half of 2025," assigning a 95% probability to the approval of the Solana ETF.
Here are mine and @EricBalchunas' most recent odds on spot crypto ETF approvals by the end of 2025. We expect a wave of new ETFs in this second half of 2025. pic.twitter.com/H3pxJhqMy3
Despite the SEC delaying its decision on Fidelity's Solana spot application, Seyffart noted that this delay was anticipated, stating, "The interaction between the SEC and issuers should be viewed positively."
The approval of the Solana spot ETF could unleash institutional capital, increasing demand for SOL and potentially driving prices up, with some analysts predicting targets as high as $1300.
Related: SOL News Update: Bullish Technical Formation Offsets Negative Impact of Solana ETF Delay
Original: “SOL Price 'Bullish Chart' Targeting $300, Solana ETF Approval Odds at 99.7%”
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