Solana (SOL) May Be Cooling Off the Charts, But Analysts Say That's Why It's Time to Pay Attention

Solana (SOL) may be cooling off on the charts, but analysts say that is why it is time to pay attention.

Solana (SOL) price may be cooling off on the charts, but that is precisely why analysts say it is time to pay attention. Among the crypto top 10 today, SOL is one of the biggest gainers, second only to Dogecoin (DOGE), which is up nearly 7%.

According to bubble maps from CryptoQuant, Solana’s spot and futures trading volumes have declined in recent weeks. At first glance, this could suggest waning interest. However, some experts argue this slowdown may represent the calm before the storm. Among them is CryptoQuant analyst Burak Kesmeci, who described the shift as a potentially bullish reset.

“We’re currently observing a cooling trend in Solana’s on-chain metrics… this deceleration can be an early-stage opportunity — especially when it coincides with an upcoming catalyst,” wrote Kesmeci.

The analyst suggests this could be the long-awaited approval of a spot Solana ETF (exchange-traded fund). Bloomberg ETF analyst James Seyffart recently hinted at growing regulatory interest in such a product.

Many believe this financial instrument would unleash a wave of institutional capital, potentially fueling a surge in the Solana price.

Solana ETF rumors and technical breakouts add fuel

Adding to the momentum is the possibility of an imminent market breakout. Lunix, a crypto analyst, highlighted a dramatic “God Candle” on Solana’s price chart, catapulting the Solana price to $164.73.

As of this writing, Solana was trading for $166.23, up by over 5% in the last 24 hours. While the name altcoin summer trend grows, it is fast becoming a serious narrative; prospects for its actualization on Solana continue to grow amid increasing catalysts.

Rumors continue to swirl around a potential Solana spot ETF approval. As BeInCrypto reported, filings could be reviewed by the SEC as early as July, following a spate of activity by firms like 21Shares and Grayscale.

Analysts note that even a rumor about such a product can drive price discovery, just as it did for Bitcoin and Ethereum. In the short term, Solana may appear quiet, but analysts say that low volume does not mean low potential.

“Low volume → ETF rumors → explosive moves,” Kesmeci emphasized. Technical indicators are turning bullish, and institutions quietly positioning themselves could set the tone for Solana’s price to rally.