Key Insights:
- Today’s SOL price surge is accompanied by rising trading volumes and open interest exceeding $7 billion.
- Analysts highlight $145 and $155 as critical resistance zones, while projecting a move toward $170–$175.
- Solana ETF inflows turned positive again, led by Bitwise’s BSOL. Franklin Templeton received final approval to list its SOEZ Solana ETF on NYSE Arca.
Solana’s native cryptocurrency, SOL, has contributed to the broader crypto market with a 12% upside today. The SOL price has surged past $140 levels as market sentiment improves. Furthermore, Solana ETF flows have moved back into the positive zone after early-week outflows.
SOL Price Shoots 12% Amid Strong Bullish Action
The Solana (SOL) cryptocurrency is part of today’s broader crypto market rally, which appears to be a strong bullish push for the altcoin. Popular crypto analyst Captain Faibik highlights a potential bullish breakout for Solana’s SOL/USDT pair on the 4-hour timeframe. The image shows SOL breaking above a long-standing downward trendline that has guided price action since mid-November.
The SOL price has seen a sharp bounce back from the $130 levels, as shown in the chart above. It outlines an upside projection of roughly 25%, targeting the $170–$175 range if momentum continues. The breakout area around $140 is marked as a key level to hold. Analyst Faibik suggested that holding above this trendline will show bullish strength.
Another crypto analyst, Daan Crypto Trades, highlighted $145 as a key local level, identifying it as the high-volume node for Solana’s price action over the past two years. A sustained move above this zone could open the door to the next resistance area near $155, he noted.
Furthermore, today’s SOL price rally is accompanied by a 48% increase in daily trading volumes, moving above $7 billion. Additionally, the SOL futures open interest has surged to $7.4 billion, hinting at strong bullish sentiment.
Solana ETF Inflows Resume Again
Inflows into spot Solana ETFs have resumed after seeing outflows at the start of the week. On December 2, the total inflows across all the US issuers stood at $45.7 billion. Bitwise’s BSOL dominated most of the inflows at $29.4 million, as per data from Farside Investors.
To date, the net inflows of all ETF issuers have totaled $651 million. Of them, Bitwise Solana ETF (BSOL) holds the lion’s share at $575 million. Currently, Bitwise is for Solana ETFs what BlackRock is for Bitcoin ETFs.
However, the SOL ETF is likely to see rising competition moving ahead. A new SEC filing confirms that NYSE Arca has formally approved the listing of Franklin Templeton’s proposed Solana ETF. This is the final regulatory step before trading begins officially.
The approval positions Franklin Templeton among the newest issuers, bringing an SOL-focused fund to the US market. Speaking on the development, Roger Bayston, Franklin’s Head of Digital Assets, said:
“Investors are looking beyond the first generation of digital assets for exposure to networks demonstrating real-world adoption at scale, strong community, or functional utility across payments, smart contracts, or data connectivity”.
The green light follows the firm’s submission of its final paperwork last week, a stage that typically signals an ETF is only days away from launch. It also comes shortly after Franklin Templeton successfully introduced its XRP ETF on the NYSE.
Once trading begins, the Solana fund will join six existing SOL products available to US investors. The ETF will list under the ticker SOEZ on NYSE Arca and will operate as a passive vehicle tracking the CF Benchmarks Solana Index.
Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draws his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fiction novels and sometimes explores his culinary skills.
