Solana has emerged as one of the top-performing cryptocurrencies this week, with its price surging by approximately 14%. This significant increase can be attributed to a combination of factors, including growing institutional interest, anticipation of Exchange-Traded Funds (ETFs), and notable milestones in adoption. As a result, the price of Sol has experienced a substantial boost, making it an attractive asset for investors.
Key Drivers of Solana’s Price Increase
The recent uptrend in Solana’s price can be attributed to several key factors. Firstly, institutional interest in Sol has been increasing, with large corporate treasuries accumulating significant holdings. According to data from Coingecko, public companies currently hold over 4.2 million SOL, valued at around $879 million. This growing interest from institutional investors has contributed to the upward momentum of Solana’s price.
Additionally, the anticipation of ETFs has also played a role in driving up Solana’s price. Several ETF issuers, including Bites and 21 Shares, have submitted applications for Sol-based ETFs, which are currently pending approval from regulatory authorities. If approved, these ETFs could provide a significant boost to Solana’s price, as they would offer investors a new and convenient way to gain exposure to the asset.
Technical Analysis of Solana’s Price
From a technical perspective, Solana’s price is currently trading in an upward channel, with the short-term trend remaining positive. The 20-day Simple Moving Average (SMA) is providing support at around $192, while the Relative Strength Index (RSI) is at 58, indicating that the buying pressure has cooled slightly compared to earlier in the week. However, this still leaves room for further upside potential when bulls regain strength.
SOL-Price diagram | Source: crypto.news
Adoption and External Catalysts
Solana’s growing adoption and external catalysts have also contributed to its price increase. The US Department of Commerce has taken a significant step by publishing its GDP data directly on public blockchains, including Solana, in the second quarter of 2025. This initiative, enabled by partnerships with leading exchanges such as Coinbase, Gemini, and Kraken, as well as Oracle Networks Pyth and Chainlink, has positioned Solana as a key player in the emerging digital public infrastructure.
Solana’s price trend | Source: Tradingview
In conclusion, Solana’s recent price increase can be attributed to a combination of factors, including growing institutional interest, anticipation of ETFs, and notable milestones in adoption. As the asset continues to gain traction, it is likely that its price will remain bullish, with potential upside targets at $217 and $225. However, short-term consolidation is possible after the strong rally.
For more information on Solana’s price increase, visit https://crypto.news/top-3-reasons-solana-price-jumped-17-this-week/
