Solana Breaks Out on Bull Flag Pattern

Key takeaways:

• Spot Solana ETF approval odds jump to 99.7% on Polymarket
• SOL price bull flag could target $300

SOL price bull flag targets $300

Solana (SOL) price action on the daily chart indicates a potential bull flag pattern, a technical formation associated with strong bullish momentum following an upward breakout. Analysts question if this technical setup, coupled with the likely approval of a spot Solana ETF later this year, signals the start of a rally to new all-time highs.

Technical analysis suggests SOL could gain momentum if it breaks out of the current bull flag pattern. This formation typically occurs after a sharp price rise followed by consolidation within a down-sloping range. Breakout could target $303, representing a potential 100% increase from current levels.

The daily Relative Strength Index (RSI) recently climbed to 53 from near-oversold conditions at 31, indicating strengthening bullish momentum.

To sustain a recovery, SOL must overcome resistance between $155 and $165, which also correspond to the 50-day and 200-day simple moving averages.

Several analysts remain optimistic about SOL’s prospects:
– “Solana’s inevitability continues to grow as fund inflows from other chains are growing every week and month,” said crypto analyst CryptoBits. “My targets are sitting at $200, $300 and then uncharted territory at $500.”
– Market analyst Alek Carter noted: “SOL hitting hard fundamentally too and this is just broke the downtrend and the reason is immense utility… SOL pump is coming and targets is 280$-300$.”

Solana ETF approval odds jump to 99.7%

The likelihood of the US Securities and Exchange Commission approving a spot Solana ETF has reached 99.7% on Polymarket, according to data released on July 2.

Multiple applications from asset management giants including VanEck, Grayscale, 21Shares, Bitwise, and Canary Capital signal robust demand for regulated SOL investment vehicles. Senior ETF analyst James Seyffart expects “a wave of new ETFs in the second half of 2025.”

The odds reflect investor confidence in Solana’s potential to bridge the traditional finance and cryptocurrency worlds. Although the SEC delayed its decision on Fidelity’s spot Solana application, Seyffart noted this should be viewed positively.

Approval of spot Solana ETFs could unlock institutional capital, amplifying demand for SOL and potentially driving prices higher with some analysts predicting targets reaching $1,300.

Disclaimer: This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.