Solana (SOL) has rallied over 40% in the past week, rebounding from a one-year low of $95.23
SOL/ETH ratio reached 0.080 on April 13, marking its highest weekly close ever
The long/short ratio has hit a 30-day peak at 1.06, indicating bullish trader sentiment
Solana ETF approval probability has risen to 81%, up from 65% earlier this year
Active addresses increased by 17% this past week with 3.5 million new additions, now totaling over 74.8 million
Solana’s native token SOL has surged over 40% in the past week, reclaiming key price levels after briefly dropping below $100. The cryptocurrency is now trading at $131.04, showing renewed strength as traders turn increasingly bullish on its prospects.
The impressive recovery comes amid growing optimism around potential ETF developments and strong network performance. Despite the recent gains, SOL still trades roughly 55% below its all-time high from January, leaving room for further recovery.
SOL’s price hit a one-year low of $95.23 last week before beginning its upward trajectory. The rebound has been steady, with the cryptocurrency breaking through important resistance levels that had capped its price throughout March and early April.
Investor confidence in Solana has increased following the appointment of former SEC commissioner Paul Atkins as the new Chair of the U.S. Securities and Exchange Commission. His selection has prompted speculation that altcoin ETFs, potentially including one for Solana, could face regulatory review soon.
Data from Polymarket reflects this sentiment shift, with the probability of Solana ETF approval by 2025 rising to 81%, up from 65% earlier this year.
In March, Volatility Shares LLC launched the first U.S.-based Solana futures ETFs, SOLZ and SOLT, offering both leveraged and standard exposure. The SEC’s approval marked a first for Solana-linked derivatives in U.S. markets.
Following these developments, Grayscale Investments submitted an amended S-1 filing on April 4 seeking to convert its Solana Trust into a publicly listed ETF on NYSE Arca.
Technical Indicators Point to Continued Strength
The recent price action has been accompanied by bullish technical indicators. The MACD is showing positive momentum, with the MACD line crossing over the signal line, suggesting continued upward movement.
The Relative Strength Index (RSI) currently sits at 53.49, above the neutral 50 mark, indicating a bullish bias. The RSI has also shown multiple bullish divergences in recent months.
Just like Ethereum’s run in 2021, Solana is setting up for a massive move in 2025.$ETH in 2021 followed a clear accumulation and breakout pattern on the CME chart.$SOL is now showing a similar structure on the CME Futures chart.
The SOL/ETH ratio, which reflects the value of Solana in Ether, reached 0.080 on April 13, marking the highest weekly close ever. This ratio has been forming higher highs on the daily chart since April 4, suggesting an uptrend is underway.
Solana has increased by 35% over the last seven days, compared to a 13% increase in ETH price over the same timeframe, showing Solana’s outperformance in the market.
On-Chain Activity Shows Network Growth
On-chain data supports Solana’s recovery with active addresses on the network rising by over 17% this past week. More than 3.5 million new addresses were added, pushing the total above 74.8 million.
That’s more than triple Binance Smart Chain’s total and nearly 10 times Ethereum’s address count.
Solana’s decentralized exchange (DEX) activity remains strong, with 24-hour trading volume reaching $2 billion—more than any other blockchain in the same timeframe.
The long/short ratio has hit a 30-day peak at 1.06, suggesting increased demand for long positions. This ratio compares the number of traders expecting price increases versus those expecting declines, with values above 1.0 indicating overall bullish sentiment.
The network’s utility continues to expand with new projects launching on its infrastructure. Loopscale, a traditional lending platform, recently launched on Solana and has already processed over $750 million in loan volume while onboarding more than 50,000 users.
Nick Ducoff, Solana’s head of institutional growth, has noted growing interest from venture capital firms. According to Ducoff, institutional investors are increasingly viewing Solana as a viable foundation for long-term Web3 infrastructure.
The current price of SOL stands at $131.04 according to the latest data. If buyers maintain their momentum, the coin could break out of its current pattern and rise towards $147.6, its next crucial resistance level.
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.
