Solana Cools Down — But Analysts Say an ETF-Driven Summer Rally May Be Building

Solana (SOL) may be cooling down on the chart, but analysts believe there are reasons to pay attention.

SOL is one of the strongest cryptocurrencies in the top 10 today, second only to Dogecoin (DOGE), rising nearly 7%.

Signs of a Solana summer price surge are forming

According to the bubble chart from CryptoQuant, Solana's spot and futures trading volume has decreased in recent weeks.

At first glance, this might indicate decreasing interest. However, some experts believe this slowdown could be the calm before the storm. Among them is CryptoQuant analyst Burak Kesmeci, who describes this change as a potential price increase setup.

"We are currently observing a cooling trend in Solana's on-chain indicators... this slowdown could be an early-stage opportunity — especially when it coincides with an upcoming catalyst," Kesmeci wrote.

The analyst suggests this could be the long-awaited approval of a spot Solana ETF. Bloomberg's ETF analyst, James Seyffart, recently hinted at the increasing regulatory interest in this product.

Many believe this financial instrument will unleash a wave of institutional capital, potentially driving Solana's price significantly higher.

Solana ETF rumors and technical breakthrough add momentum

Adding to the momentum is the potential market explosion. Lunix, a cryptocurrency analyst, highlighted an impressive "God Candle" on Solana's price chart, pushing Solana to $164.73.

At the time of writing, Solana is trading at $166.23, up over 5% in the past 24 hours.

As the altcoin summer trend develops, it quickly becomes a serious story; the prospects of realization on Solana continue to increase amid growing catalysts.

Rumors continue to swirl around the possibility of spot Solana ETF approval. As BeInCrypto reported, filings could be reviewed by the SEC as early as July, following a series of activities by companies like 21Shares and Grayscale.

Analysts note that even a rumor about such a product could drive price discovery, similar to what happened with Bitcoin and Ethereum. In the short term, Solana may look quiet, but analysts argue that low volume does not mean low potential.

"Low volume → ETF rumors → explosive move," Kesmeci emphasized.

Technical indicators are shifting to an upward trend, and silent institutional positioning could create momentum for a significant Solana price increase.