Solana (SOL) Price Gains Momentum Amid 17% Surge

SOL price has reached a two-week high with a 40% surge in 24-hour trading volumes per CoinMarketCap's data, highlighting increased market activity and rising investor interest towards Solana.

Solana (SOL) price is gaining momentum with a 17% surge in the last six days to reach $166 on June 11. The coin is now trading at a two-week high as 24-hour trading volumes have surged by 40%, according to CoinMarketCap data.

The coin is displaying increased market activity and rising investor interest. A recent CoinGape analysis noted that the Solana price rally seen between mid-April and mid-May and the subsequent drop formed a classic bull flag pattern.

Solana price may surge by over 90% to an all-time high of $300 as it breaks out from resistance and defends support at $152.

Solana DeFi TVL Spikes By $860M

Data from DeFi aggregator platform DeFiLlama shows that Solana’s DeFi TVL has surged to $9.01 billion. This means that the metric has grown by more than $860 million in just five days, which is a key indicator of strong network activity.

The surging TVL is driven by a nearly 100% increase in DEX volumes. These volumes have nearly doubled from $1.53 billion recorded on June 8 to $2.95 billion by June 11.

As network usage surges, Solana price may continue with the bullish momentum. At the same time, a spike in meme coin trading activity may be driving SOL’s network growth.

Meme coins have been a precursor to Solana price moves in the past, and with speculative interest returning to the market, SOL-based meme coins are recording growth with a 6.7% surge in market cap within 24 hours, according to CoinGecko data. This is also bullish for Solana.

Solana ETF Approval Odds By July 31 Hit 61%

With the deadline for a spot Solana ETF fast approaching, Polymarket data reveals 61% odds that the products may get regulatory greenlight by July 31.

The approval odds are at their highest since January and have recorded a notable spike from a recent low of 16%. Renewed optimism follows an update from the SEC asking SOL ETF Issuers to submit amended S-1 forms.

Once the firms are submitted, a spot SOL ETF will be one inch closer to approval and could launch within three to five weeks.

Therefore, as the Solana community eagerly awaits the SEC to greenlight a spot SOL ETF, and network activity surges, Solana price may continue with the bullish momentum. If this happens, SOL may rally to as high as $300.