A clean break above $160 could confirm Solana’s bullish reversal, but resistance remains stiff. With trading volume up 19%, ETF momentum rekindling, institutional capital pouring in, and staking demand rising, the odds of a breakout are improving. The question is whether SOL can sustain the momentum. On July 10, Solana ( SOL ) surged over 4%, climbing from an intraday low of $153 to reach $159.60 by press time, marking one of the token’s strongest single-day moves in recent weeks. The uptick came amid a sharp rise in market activity, with 24-hour trading volume jumping 19% to nearly $4.9 billion, suggesting that traders are positioning for a potential breakout. Beyond the charts, institutional interest in Solana is heating up, adding fresh weight to a potential bullish scenario as smaller cryptocurrencies rally on the back of Bitcoin’s sprint to a new all-time high. You might also like: Sui price rally gains steam after a highly bullish Grayscale report Institutional pressure builds as SOL tests critical levels Despite this week’s move, Solana remains significantly below its January peak near $294. Trading nearly 46% beneath its all-time high, the token has struggled to reclaim momentum above key resistance zones for much of the year. Like most altcoins, SOL felt pressure from regulatory uncertainty and investor preference for Bitcoin ETFs. But Solana has also faced internal challenges, network outages, decentralization concerns, and growing competition from rival smart contract platforms. These factors have held the token back. Until now. The tide appears to be turning. DeFi Dev Corp, which recently increased its holdings to over 846,000 SOL (worth more than $133 million), has emerged as one of the most visible corporate buyers, signaling conviction in Solana’s long-term potential. BIT Mining’s recent $300 million pivot into Solana is another major vote of confidence. Unlike passive accumulation, these firms are actively staking, validating, and integrating into the Solana ecosystem, a level of engagement that the market is watching closely. Meanwhile, the ETF drumbeat has returned with force. While the SEC’s recent request for revisions to Solana ETF filings might seem like a setback, analysts like Bloomberg’s James Seyffart still peg approval odds at 95% by October. Here are mine and @EricBalchunas ' most recent odds on spot crypto ETF approvals by the end of 2025. We expect a wave of new ETFs in this second half of 2025. pic.twitter.com/H3pxJhqMy3 — James Seyffart (@JSeyff) June 30, 2025 The very prospect of a Solana ETF has already shifted sentiment. SOL is now included in the Truth Social Crypto Blue Chip ETF’s portfolio, holding an 8% allocation alongside Bitcoin and Ethereum. Then there’s Solana’s on-chain renaissance. Robinhood’s rollout of SOL staking in the U.S. brings the token directly into retail investor pipelines, just as interest in passive yield strategies rebounds. Solana’s booming network activity, coupled with staking-enabled platforms and streamlined integrations, is starting to chip away at Ethereum’s dominance in the proof-of-stake economy. The verdict: breaking out or faking out? Solana’s price path to $200 hinges on two factors: a decisive break above $160 and sustained institutional inflows. The technical setup is primed: rising volume, bullish chart patterns, and a clear resistance level to conquer. But the real fuel comes from the fundamentals: staking demand, ETF speculation, and a wave of institutional adoption that’s harder to dismiss as fleeting hype. If SOL price flips $160 into support, the next targets are clear: $180 first, then $200. But if resistance holds, expect consolidation between $140 and $160 until the next catalyst emerges. Either way, Solana isn’t just riding Bitcoin’s coattails anymore. The token carving its own path, and this week could determine whether that path leads to a summer rally or another false start. You might also like: Bitcoin breaks ATH again, Dow Jones gains 200 points as Trump threatens new tariffs
