TLDR
Contents
- Solana (SOL) rallied 7.2% in 24 hours, outperforming other top cryptocurrencies including Bitcoin and XRP
- SOL reached $156.60 after dropping to $142 on June 15 amid market recovery from global tensions
- Active daily Solana users increased 18.9% to 4.2 million over the past month
- Bloomberg analysts give 90% likelihood of SOL ETF approval this year, potentially boosting institutional adoption
- Solana Layer 2 project Solaxy (SOLX) raised $50 million in presale, launching on exchanges June 17
Solana (SOL) has emerged as the top performer among major cryptocurrencies, posting a 7.2% gain in the last 24 hours. This recent price movement has pushed SOL above the $156 mark, outpacing both Bitcoin and XRP in daily trading.
The token’s price reached $156.60 on June 16, showing strong recovery after dropping to $142 just one day earlier. While SOL has gained 3.5% over the past week and 8.7% since June 2024, it remains down 6.2% over the past month.
By comparison, Bitcoin has risen just 0.6% in both daily and weekly charts, while XRP has gained 1% in the last 24 hours but lost 2.7% over the previous week.
The broader cryptocurrency market appears to be bouncing back from recent volatility triggered by global tensions. The Israel-Iran conflict contributed to market uncertainty that pushed Bitcoin below the $100,000 level earlier this month.
Bitcoin has since recovered to above $106,000, coinciding with Solana’s own rebound from recent lows.
SOL remains well below its all-time high of $293.31 reached in January 2025. The token has declined 46.7% from that peak and has struggled to regain momentum in recent months.
Growing Ecosystem and User Base
Despite price challenges, Solana’s blockchain continues to show strength in user adoption. Active daily users have reached 4.2 million, representing an 18.9% increase over the past month according to data from Token Terminal.
This growth in network activity comes as Solana-based projects gain traction. Most notably, Solaxy (SOLX), a Solana Layer 2 solution, has raised over $50 million in its presale phase.
The Solaxy project aims to address Solana’s scalability issues by using rollups to bundle transactions and deliver aggregated data to Solana’s mainnet. Its presale concludes on June 17, with exchange listings expected shortly after.
The SOLX token is currently priced at $0.001758 during the presale. The team has reportedly burned over 35 billion SOLX tokens to enhance the token’s value proposition.
ETF Prospects and Institutional Interest
Bloomberg’s senior ETF analyst Eric Balchunas has given Solana ETF approval a 90% probability this year, potentially ahead of other altcoin ETFs including Litecoin.
According to Bloomberg analyst James Seyffart, all seven potential Solana ETF issuers have submitted updated documents that include staking provisions at the SEC’s request.
ETF approval could significantly boost institutional adoption of SOL. When the token reached around $250 in January, Solana was processing over 5 million average daily users.
Technical indicators suggest SOL may be positioned for further gains. The long/short ratio has increased from 2.61 on June 11 to 3.81 on June 16, indicating that nearly 80% of traders expect positive short-term performance.
Solana’s 50-day Simple Moving Average of $162.28 is approaching its 200-day SMA of $162.73. A sustained move above these converging averages could trigger additional buying interest.
Price Predictions
Crypto analyst platform Changelly projects SOL may face a slight correction, potentially trading at $153.17 by July 15, which would represent a 2.19% drop from current levels.
However, other analysts remain bullish. Crypto expert Lark Davis believes SOL could reach $200, citing a potential “massive altcoin season” ahead.
A Federal Reserve interest rate cut could further boost investment in risk assets like cryptocurrencies, potentially helping SOL reclaim the $180 price point in the near term.
The market will be watching both SOL’s price movement and the upcoming Solaxy exchange debut as indicators of Solana ecosystem strength in the days ahead.
