- Solana’s symmetrical triangle pattern suggested a breakout above $196 could propel its price to $233.
- Currently, 60.71% of top traders currently hold long positions, while 39.29% hold short positions.
Amid ongoing market uncertainty, the continuous price decline in Solana [SOL] appears poised to reverse as experts make bold predictions.
Recently, Nate Geraci, president of the ETF Store, posted on X (formerly Twitter) that spot Solana ETFs are expected to be approved in 2025.
Will spot SOL ETF live in 2025?
The potential reason for this prediction is the crypto-friendly government and the resignation of United States Securities and Exchange Commission (SEC) Chair Gary Gensler.
Since the pro-crypto Donald Trump won the presidential election, the overall cryptocurrency market has experienced significant upside momentum but is currently undergoing a price correction.
During this rally, Solana, Bitcoin [BTC], Pepe [PEPE], and many others reached their all-time highs, even though Trump has yet to assume the presidency.
With continuous support from Trump, the crypto market could witness several ETF approvals, including the Solana ETF.
Will ETF approval impact SOL price?
Based on Bitcoin’s performance following ETF approval, experts and analysts anticipate a similar rally in 2025.
ETF approval opens the door for traditional investors and retail traders to participate in crypto through their respective stock exchanges, potentially resulting in a skyrocketing demand and price for assets.
If a spot Solana ETF is approved, significant upside momentum is likely. However, the SOL price currently appears to be struggling.
Solana technical analysis and key level
According to AMBCrypto’s technical analysis, SOL appears bullish and is poised for an upside rally. On a four-hour time frame, SOL has formed a symmetrical triangle price action pattern that is set for a breakout.
Source: TradingView
Based on recent price action, if the asset breaches this pattern and closes a daily candle above the $196 mark, there is a strong possibility it could soar by 18% to 20%, reaching the $233 mark in the near future.
Despite this bullish outlook, investors appear uncertain, as revealed by the on-chain analytics firm Coinglass.
$9.50 million worth SOL inflow
Data from SOL’s spot inflow/outflow indicates that exchanges have witnessed an inflow of $9.50 million worth of SOL in the last 24 hours.
This substantial inflow onto exchanges suggests that long-term holders may be selling their holdings, potentially creating selling pressure and leading to further price declines.
61% traders hold long positions
In addition to the potential selling by long-term holders, intraday traders appear to be showing interest in SOL.
Read Solana’s [SOL] Price Prediction 2025–2026
According to Coinglass, the SOL Long/Short Ratio was 1.545 at press time, indicating strong bullish sentiment among traders.
Source: Coinglass
The data reveals that 60.71% of top traders currently hold long positions, while 39.29% hold short positions.
