Solana (SOL) price stalls below $200 as the recent bull run encounters resistance

Solana (SOL) was trading at $171.45 on Friday, down by 7.40% from its highest point this week. This retreat mirrors that of other cryptocurrencies

Solana price stalled below $200 as the recent bull run encountered resistance. However, ongoing ETF inflows and strong network statistics may support a renewed rally.

Solana (SOL) was trading at $171.45 on Friday, down by 7.40% from its highest point this week. This retreat follows that of other cryptocurrencies like Bitcoin (BTC) and Hedera Hashgraph (HBAR).

A potential catalyst for Solana is the anticipated approval of spot SOL ETFs by the U.S. Securities and Exchange Commission. Applicants include Grayscale, VanEck, 21Shares, Canary, and Franklin Templeton. According to Polymarket, the odds of approval have risen to 81%.

There are signs that these ETFs will attract strong investor interest. A recently approved leveraged Solana fund, the 2X Solana ETF, has continued to gain assets. Since its launch in February, the fund has added nearly $30 million in inflows. It has posted net inflows every month since inception.

So far this month, the fund has attracted $9.6 million in inflows, up from $8.3 million in April and $5.5 million in February.

The SOLT ETF aims to generate daily returns that correspond to 2x the daily performance of SOL. It is similar to other leveraged funds like the ProShares UltraPro QQQ and Direxion Daily S&P 500 Bull ETFs, which have $25 billion and $5 billion in assets under management, respectively.

However, the SOLT ETF is relatively expensive, with an expense ratio of 1.85%. By contrast, most stock-based leveraged ETFs charge under 0.90% annually. These ongoing inflows suggest that spot Solana ETFs, which are expected to have lower fees, could see even higher demand from institutional investors.

There are also signs that spot XRP ETFs will have a higher demand than those tracking SOL as the recently-launched XXRP ETF has gained over $106 million in assets.

Beyond ETFs, Solana is benefiting from strong network fundamentals. The number of transactions and active accounts has surged in 2025.

Over the past 30 days, transactions rose by 66%, while active accounts climbed to 101 million.

"Solana has been performing well in terms of network activity, with the number of transactions and active accounts surging in 2023. Over the past 30 days, transactions increased by 66%, and active accounts reached 101 million. This strong activity may support further gains in Solana price."

Solana price technical analysis

On the daily chart, Solana price pulled back to $172 after peaking at $185 earlier in the week. It is currently hovering near the 38.2% Fibonacci retracement level. Meanwhile, the 50-day and 100-day moving averages are on the verge of forming a mini golden cross, often a bullish signal.

Solana has also formed an inverse head and shoulders pattern and is trading between the strong pivot reverse level and the upper boundary of the Murrey Math Lines trading range.

Given these technical indicators, SOL is likely to resume its uptrend, with bulls eyeing a retest of the $200 resistance level. A breakout above that level could open the path to the 78.6% Fibonacci retracement at $252. However, a drop below key support at $150 would invalidate the bullish outlook.