Solana (SOL) May Be on the Verge of a Major Price Breakout as Optimism Builds Around a Potential Spot ETF Approval

Crypto analyst @CryptoGodJohn. believes SOL may be on the verge of a massive breakout on the daily, citing both the technical setup and the growing likelihood of an ETF decision

Crypto analyst CryptoGodJohn is expecting big things from Solana (SOL) in the coming weeks, predicting a major price breakout as optimism builds around a potential spot ETF approval.

The analyst, who has nearly 1 million followers on X (formerly Twitter), told his audience on Friday that Solana is "on the verge of a massive breakout on the daily."

"Wouldn't be surprised to see Solana go on a run soon," he added.

To illustrate his point, CryptoGodJohn shared a chart of Solana's price movements, highlighting its approaches to the descending trendline resistance.

The chart shows that SOL/USD has been bouncing lower from the trendline since late 2024, but a breakout above this level could open the door to a retest of the $188.59 and $237.58 resistance levels, previously hit during Solana's last major uptrend.

A breakout above the trendline could also pour fuel on the open interest levels seen at $160 and $150, which acted as strong support during the recent price declines.

His comments come as several voices in the crypto sphere are backing Solana to be the next institutional crypto asset after Bitcoin and Ethereum.

If the SEC approves even one spot Solana ETF, it could unleash new capital inflows, especially if bundled with staking yield products.

Earlier this week, Bloomberg's senior ETF analyst Eric Balchunas said that investors should brace for a "potential Altcoin ETF Summer," with Solana likely leading the charge.

Balchunas highlighted a new Bloomberg Intelligence dashboard showing the updated odds for all spot crypto ETF filings.

The data reveals multiple spot Solana ETF applications from major issuers, including Grayscale, VanEck, Bitwise, and 21Shares.

Several of these filings have already been acknowledged by the SEC, with final decision deadlines as early as July and running through December 2025.

Balchunas noted that the SEC may take a more proactive approach to altcoin ETFs following its recent approvals of Bitcoin and Ethereum spot products.

The Bloomberg dashboard also suggests that some Solana filings may include a staking yield feature, which could make them more attractive to institutions.

It's worth noting that ETFs may not necessarily guarantee a full-fledged bull run immediately after their launch, but they may facilitate speculative upside moves in Solana markets.

This is similar to how Ethereum rallied persistently ahead of its spot ETF launch in July, only to decline sharply afterward, hinting at a "sell-the-news" phenomenon. Nonetheless, the sustained price gains during the run-up to the ETF approval signaled a strong underlying bullish bias.

The Solana price predictions for 2025 are mixed, with some analysts remaining bullish despite the recent downturn, while others anticipate further declines. As of August 2024, Solana's price hovers around the $150 mark, having lost over 50% of its value from the all-time high of $272.42, which it reached in November 2021.