Solana (Sol) Price surpassed Crypto Market on April 11, trading at $121, up 7.45% over the past 24 hours.
SOL/USD daily chart. Source: CointeLegraph/TradingView
Let’s take a closer look at the factors behind today’s Solana gathering.
Updated Sol ETF Approval Optimism
Solana Price appears to be profiting from a broader market bounce across the Cryptocurrency market, renewing the new optimism surrounding the potential recognition of Solana ETF in the US after Paul Atkins was appointed as SEC chair. Known for its encryption-friendly stance, Atkins has sparked speculation that altcoin ETFs, including Solana, could face a smoother path to approval.
The odds of betting for Sol ETF approval in 2025 are currently 76% on Polymarket. Over the past three months, the chances of approval have been scored 11%, in the bull’s advantage. This was about 65% on January 4th.
Polymarket’s Sol ETF approved odds. Source: Polymarket
Several key asset managers have submitted applications for Solana ETFs, including Vaneck, Grayscale, 21shares, Bitwise and Canary Capital.
Market participants believe that such services can attract new capital and increase the liquidity of SOL trading.
A shorter margin liquidation will increase the Sol price
According to Coinglass data, rising liquidation in Solana’s derivatives market also played a role in today’s rally. Crypto Futures Market witnessed the liquidation of leverage positions of more than $226 million in the last 24 hours, with $152.4 million being a short liquidation.
Over the same period, short SOL positions of over $9.3 million have been settled against a long liquidation of $2.1 million.
Total crypto liquidation. Source: Coinglass
Related: Fartcoin increases by 104% in one week – Will Solana (Sol) price keep up?
Solana’s RSI shows bullish divergence
Sol’s daily charts have a bullish divergence with the daily RSI, which precedes today’s price rise.
SOL/USD daily chart. Source: TradingView
The bullish divergence could be a hint that the Bulls are gaining control, and if there is a trend, Sol Price could gather towards a 50-day SMA that exceeds $130 in the short term.
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
