Solana Holds Near Highs As ETF Bets Mount And Liquidity Stays Strong

Solana SOL/USD is holding steady near recent highs on Tuesday as ETF speculation continues to drive bullish sentiment across the altcoin market. The coin is trading at $131.71, down just 0.1% on the day, after gaining nearly 19% over the last week. Over the past month, SOL is up 2.68%.

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ETF Approval Odds Fuel Bullish Momentum

Following a sharp rally last week, traders are keeping a close eye on the odds of a spot Solana ETF receiving approval in the U.S. 

On prediction platform Polymarket, the probability of a Solana ETF being greenlit by the end of 2025 currently stands at 82%—a jump from 65% in early January. The shift in sentiment follows the appointment of former SEC Commissioner Paul Atkins as chair of the agency. Atkins is widely viewed as crypto-friendly and has already spurred a new wave of filings for altcoin-focused ETFs.

According to Cointelegraph, asset managers including Grayscale, VanEck, Bitwise, 21Shares and Canary Capital have all submitted applications for Solana-based ETFs. The increasing number of filings has helped fuel a rebound in SOL, which had fallen below $100 earlier this month before sharply recovering.

Liquidity and Market Depth Bolster Case for Solana

Recent data from Kaiko points to Solana’s strong market positioning relative to other altcoins. The network ranks just behind XRP in average 1% market depth on vetted exchanges—a key metric used by regulators and institutions to assess the feasibility of launching structured products like ETFs.

While XRP has gained ground in U.S. market share since late 2024, Solana remains one of the most liquid assets globally, despite seeing its domestic exchange share decline from its 2022 peak. Analysts say that high liquidity and deep order books could be crucial advantages as the SEC weighs new approvals.

SOL/ETH Ratio Hits New All-Time High

Solana also continues to outperform Ethereum ETH/USD in relative terms. The SOL/ETH ratio hit a fresh all-time high of 0.08 over the weekend, according to The Defiant, reflecting a 25% gain in SOL over the past week compared to just 6.6% for ETH.

Looking at a longer time horizon, Solana has climbed 440% over the last two years, while ETH is down 14%. The divergence highlights Solana's growing role as a high-growth competitor to Ethereum, particularly in decentralized finance (DeFi) and NFT activity.

Solana's total value locked (TVL) currently sits at $8.5 billion, up more than 63% over the past year and 1,500% over the last two years. While Ethereum still dominates with $50 billion in DeFi TVL, Solana's rapid pace of expansion is drawing increased institutional attention.

Technical Setup Still Favors Bulls

Solana continues to trade above its 50-day simple moving average (SMA), which is acting as a support level near $132. A sustained move above this level could set the stage for a retest of the $150–$153 resistance zone.

Santiment data shows elevated social interest in SOL, particularly around ETF filings and trading setups, which could further bolster short-term price action. Meanwhile, margin short liquidations and a bullish divergence in Solana's daily RSI signal that traders are leaning into the rally.

Macroeconomic Tailwinds Add to Bullish Setup

SOL's resilience comes amid improving sentiment in both crypto and traditional markets. While President Trump has walked back portions of his earlier tariff exemptions, the initial relief provided a lift to equities and risk assets. U.S. stock futures remain firm, and gold is trading near record highs, reinforcing appetite for alternative assets.

With Bitcoin holding above $85,000 and Ethereum approaching $3,400, Solana's bullish trajectory is benefiting from the broader rebound in digital assets.

What's Next?

With ETF applications underway and bullish technicals aligning with improving liquidity, Solana is in a strong position to extend its rally. Traders will be watching for signs of regulatory movement and market depth improvements on U.S. exchanges.

If SOL can clear near-term resistance and hold above key moving averages, it may retest its March highs in the coming weeks. For now, the rally appears supported by a mix of fundamentals, market structure, and renewed institutional attention.