Solana ETF Approval Odds Surge Amid Bullish Price Patterns

According to Cointelegraph, the likelihood of a spot Solana exchange-traded fund (ETF) receiving approval has dramatically increased, reaching 99.7% on Polymarket. This development coincides with Solana's (SOL) price exhibiting a bull flag pattern on the daily chart, a technical formation that suggests strong bullish momentum following an upward breakout. Analysts are optimistic that this setup, along with the potential ETF approval in 2025, could propel SOL to new all-time highs. The SOL price technicals indicate a possible gain in momentum if it breaks out of the bull flag pattern on the daily candle chart. A bull flag pattern typically forms after the price consolidates within a down-sloping range following a sharp rise. Once the price breaks above the upper trendline, it can rise by the height of the previous uptrend, setting an upper target for SOL at $303, representing a 100% increase from current levels. The daily RSI has moved above the midline, rising to 53 from near-oversold conditions at 31, signaling increasing bullish momentum. However, for a sustained recovery, the SOL/USD pair must overcome resistance between $155 and $165, which correspond to the 50-day and 200-day simple moving averages. Several analysts believe SOL's growth to $300 is inevitable, citing factors such as increasing network flows, rising spot Solana ETF approval odds, and bullish on-chain metrics. Crypto analyst CryptoBits expressed confidence in Solana's growth, noting fund inflows from other chains and setting targets at $200, $300, and potentially $500. Market analyst Alek Carter also highlighted strong fundamentals and SOL breaking its multimonth downtrend, suggesting a path to $300. Carter's analysis points to immense utility driving SOL's price action, with targets between $280 and $300. The odds of the U.S. Securities and Exchange Commission approving a spot Solana ETF in 2025 have risen to 99% as of Wednesday, reflecting investor confidence in Solana's prospects within traditional financial markets. Applications from asset management firms like VanEck, Grayscale, 21Shares, Bitwise, and Canary Capital indicate strong demand for regulated SOL investment vehicles. Bloomberg senior ETF analyst James Seyffart anticipates a wave of new ETFs in the latter half of 2025, placing Solana ETF approval odds at 95%. Despite the SEC delaying its decision on Fidelity Investments' spot Solana application, Seyffart views the delay positively, suggesting interactions between the SEC and issuers are constructive. Approval of spot Solana ETFs could unlock institutional capital, increasing demand for SOL and potentially driving prices higher, with some analysts predicting targets as high as $1,300.