The cryptocurrency market continues to discuss the potential approval of an ETF for Solana (SOL), which may lead to a shift in price dynamics and attract institutional investors.
CME Activity Reflects Institutional Positioning
Trading data from the Chicago Mercantile Exchange (CME) revealed a significant increase in interest in Solana futures. Since the launch in March, trading volumes have steadily increased, reaching record highs in June.
Open interest peaked at 2,849 contracts on June 17, representing $146 million in notional value. Over 106,000 contracts have changed hands since launch, with total notional volume exceeding $3 billion.
In May, roughly 10% of trade volume was executed through large block trades, with the average transaction size around $5 million. These figures point to growing participation by institutional investors who expect price movements ahead.
The upswing in futures activity is seen as a sign that traders are positioning themselves ahead of significant news, most notably the possible approval of a Solana ETF.
Regulatory Milestones and Public Momentum
The momentum is building around the possibility of a Solana ETF. Key highlights to note include:
- VanEck’s Solana ETF ticker “VSOL” has been listed with DTCC, a major US trade settlement platform. - Polymarket gives a 91% chance for Solana ETF approval, with a 50% likelihood before July ends. - Google searches for “Solana ETF” soared in June, indicating increasing public awareness and interest.
A green light from the SEC could attract large-scale inflows, echoing Bitcoin’s ETF-fueled momentum.
Analysts Grow Bullish on Solana as ETF Optimism Grows
Market analysts continue to monitor Solana’s price levels closely, with growing optimism that a potential ETF approval could drive significant price gains.
Pseudonymous trader Cipher X identified the $138–$140 range as a critical support zone. Should this level hold, he anticipates a potential price move toward the $190–$200 range by July.
Analyst Cas Abbe noted that Solana has rebounded sharply from a key support level, which he views as a positive sign. He believes growing interest from buyers reflects renewed confidence, primarily driven by ETF approval expectations.
The heightened interest in Solana and the anticipation surrounding ETF approval are attracting attention from both investors and analysts. Should the SEC provide a positive decision, Solana may establish itself as a leader in the digital asset market.
