Solana Leads Market Recovery After Brief Dip Below $100

Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, and Blockonomi, covering news...

Solana's native token, $SOL, has surged in recent days, rebounding from a brief dip below $100 with 7-day gains exceeding 33%.

Solana's native token, $SOL, has surged in recent days, rebounding from a brief dip below $100 with 7-day gains exceeding 33%.

This rally saw Solana outpace other top-10 cryptocurrencies as it regained support levels, restoring bullish sentiment among traders.

Solana's known for its rapid transaction speeds and minimal fees, which are crucial for traders. Since launching its mainnet in 2021, Solana has faced challenges, especially with the FTX collapse, which saw $SOL drop as low as $8 last year.

Despite recent gains, $SOL still trades at about 55% below its all-time high from January, leaving room for recovery as ETF-related developments continue to emerge.

Solana ETF Optimism Builds With Pro-Crypto SEC Leadership

Investor confidence increased after 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 in the near future.

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 to the cryptocurrency.

In March, Volatility Shares LLC launched the first U.S.-based Solana futures ETFs, SOLZ and SOLT, offering both leveraged and standard exposure to the cryptocurrency.

The SEC's approval marked a first for Solana-linked derivatives in U.S. markets.

Following the launch of these futures products, Grayscale Investments submitted an amended S-1 filing on April 4 to convert its Solana Trust into a publicly listed ETF on NYSE Arca.

Solana On-Chain Metrics Point to Renewed Growth

Active addresses on the Solana network surged by over 17% this past week, with more than 3.5 million new additions pushing the total above 74.8 million.

Active addresses on the Solana network surged by over 17% this past week, with more than 3.5 million new additions pushing the total above 74.8 million.

That's more than triple Binance Smart Chain's total and nearly 10 times Ethereum's.

Solana's decentralized exchange (DEX) activity also remains strong, with 24-hour trading volume reaching $2 billion—more than any other blockchain in the same timeframe.

The network's utility continues to expand.

The network's utility continues to expand.

Loopscale, a traditional lending platform, recently launched on Solana, using its infrastructure to support permissionless lending and borrowing.

Been a wild last few months shipping this thing from 0 -> 1On-chain credit is moving into a new phase and it's incredible to be building a piece of that future.Come check it out LFLoop ? https://t.co/iN8ASXXKbv

The platform has already processed over $750 million in loan volume and onboarded more than 50,000 users, primarily from within the Solana ecosystem.

Nick Ducoff, Solana's head of institutional growth, has also noted growing interest from venture capital firms.

Nick Ducoff, Solana's head of institutional growth, has also 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.

Descending Wedge Breakout Hints at Major Solana Upside

After a prolonged decline from the $200-$260 range to below $100, $SOL appears to be breaking out from a multi-month accumulation phase.

The recent move above the $126-$130 resistance range—previously a ceiling for price action throughout March and early April—signals a possible shift in trend.

$SOL really starting to look good on high time frame.Basically we came down to weekly demand and Fibonacci golden pocket and got a pretty decent bounce.Now bulls seem in control.The line in the sand now is $120, as long as we hold that level, we are in buy-the-dip mode!… pic.twitter.com/RjcPZdot0C

The Relative Strength Index (RSI) has also shown multiple bullish divergences in recent months. The current reading of 54.62 suggests rising momentum as it approaches bullish levels.

If momentum continues, the next major resistance zones are around $150, $170, and ultimately the $200-$220 area.

News data source: kdj.com

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