TLDR
- Solana (SOL) has rallied over 30% in the past week, reaching $133, outperforming other top cryptocurrencies
- SOL/ETH ratio hit its highest weekly close ever at 0.080, suggesting continued outperformance of the Solana ecosystem
- Bullish technical indicators include MACD crossover, RSI above 50, and a long/short ratio reaching a 30-day high at 1.06
- Institutional interest is growing with Grayscale filing to convert its Solana Trust into an ETF and Polymarket showing 81% probability of SOL ETF approval by 2025
- On-chain metrics show growth with active addresses rising 17% to over 74.8 million, though DEX volumes have declined from January peaks
Solana (SOL) has staged an impressive recovery in recent days, rallying more than 30% over the past week to reach $133. This surge comes after a brief dip below the $100 mark, which had concerned investors following the all-time high of $295 reached in January.
The cryptocurrency is showing strong momentum against Ethereum as well. The SOL/ETH trading pair hit 0.080 on April 13, marking its highest weekly close ever according to market data.
This ratio gain suggests investors are increasingly favoring Solana over Ethereum in the current market cycle. The SOL/ETH pair has formed higher highs on the daily chart since April 4, confirming an uptrend is underway.
Solana has increased by approximately 35% over the past seven days, compared to Ethereum’s 13% gain during the same period.
SOL Price
Technical Indicators Point to Continued Upside
Multiple technical indicators suggest Solana’s upward trajectory may continue. The cryptocurrency’s MACD shows a bullish crossover, with the MACD line (blue) crossing above the signal line (orange), indicating rising buyer momentum.
The Relative Strength Index (RSI) stands at 53.49, well into bullish territory. An RSI above 50 generally signals positive market sentiment.
Perhaps most telling is the long/short ratio, which has reached a 30-day high of 1.06. This metric compares traders betting on price increases versus those expecting declines. The current reading above 1.0 indicates more traders are positioning for continued price appreciation.
Trader BitBull has drawn parallels between Solana’s current price action and Ethereum’s behavior before its major breakout in 2021. On the CME futures chart, SOL shows a similar consolidation pattern within the $120-$130 range that preceded ETH’s historic run to all-time highs.
If this pattern holds, BitBull suggests SOL could follow a similar breakout path toward the $300 mark, which would establish new all-time highs for the cryptocurrency.
Just like Ethereum's run in 2021, Solana is setting up for a massive move in 2025.$ETH in 2021 followed a clear accumulation and breakout pattern on the CME chart.$SOL is now showing a similar structure on the CME Futures chart.
Accumulation Zone:… pic.twitter.com/PJ2sTXu4Vm
— BitBull (@AkaBull_) April 14, 2025
ETF Optimism Grows with Regulatory Developments
Investor confidence in Solana has been boosted by recent regulatory developments. The appointment of former SEC commissioner Paul Atkins as the new Chair of the U.S. Securities and Exchange Commission has sparked optimism about the potential approval of altcoin ETFs, including one for Solana.
This sentiment shift is reflected in prediction markets, with Polymarket showing the probability of Solana ETF approval by 2025 rising to 81%, up from 65% earlier this year.
March saw Volatility Shares LLC launch the first U.S.-based Solana futures ETFs, SOLZ and SOLT, offering both leveraged and standard exposure. This marked a first for Solana-linked derivatives in U.S. markets.
Following these developments, Grayscale Investments submitted an amended S-1 filing on April 4 seeking to convert its Solana Trust into a publicly listed ETF on NYSE Arca.
Network Growth Despite Activity Challenges
On-chain data presents a mixed picture for Solana’s ecosystem. Active addresses on the network rose by over 17% in the past week, with more than 3.5 million new additions pushing the total above 74.8 million. This is more than triple Binance Smart Chain’s total and nearly 10 times Ethereum’s user base.
However, Solana faces some challenges. Network fees dropped more than 97% to $898,235 on April 14, compared to $35.5 million on January 20.
Similarly, daily DEX volumes on Solana fell to $2.17 billion on April 14, 93% below its January 20 peak of $35.9 billion.
Despite these metrics, Solana continues to attract development. Loopscale, a traditional lending platform, recently launched on Solana, using its infrastructure to support permissionless lending and borrowing. The platform has already processed over $750 million in loan volume and onboarded more than 50,000 users.
Nick Ducoff, Solana’s head of institutional growth, has noted increasing interest from venture capital firms. According to Ducoff, institutional investors are increasingly viewing Solana as a viable foundation for long-term Web3 infrastructure.
If SOL maintains its current momentum, the next major resistance zones are around $147.60, followed by $150, $170, and ultimately the $200-$220 area.
Despite recent gains, SOL still trades roughly 55% below its all-time high from January, suggesting potential room for recovery as ETF-related developments continue to emerge.
