Institutional demand for the Solana (SOL) cryptocurrency has been growing in the last few weeks, sending signals that SOL could surge to new highs. Solana’s price is back above $140, eating into a nearly 20% dip in the last 30 days. According to recent data from the CME Group, Solana futures on the exchange have hit a volume of 1.75 million contracts. This indicates a growing interest and belief in the SOL cryptocurrency on an institutional level. With demand rising, could SOL breach a new all-time high, perhaps even cracking $1,000?
According to Glassnode on X, the surge in SOL CME contracts “suggests institutional investors are positioning aggressively as price rebounds to ~$145.” June already possesses three of the busiest days for SOL futures transactions this year, indicating a present state of bullish momentum. With SOL reclaiming $140, further gains may be on the way according to these futures investors. That, as a result, also leaks into the Solana cryptocurrency potentially rising.
What Else Is Sparking SOL Price?
In addition, a potential Nasdaq listing may also be reigniting momentum behind Solana (SOL). Indeed, a filing by Canadian firm Sol Strategies with the SEC suggests a move to list SOL on Nasdaq. The listing would certainly attract investors, possibly send SOL back up. Currently, there is no update on the Nasdaq listing, but there is enough speculation out there that with the growth of the crypto industry this year, an approval is imminent. Current price data reveals liquidation heatmaps that indicate a dense liquidity cluster around $160. The cluster hints at a possible price movement toward that price if SOL starts to pick back up. That can occur if the Solana cryptocurrency is indeed placed on the Nasdaq composite.
Furthermore, there have also been some major spot transfers in recent days, with yesterday also bearing witness to the movement of $107.7 million in SOL from one unknown wallet to another. The sudden whale movement is just another piece of proof that SOL’s rally is imminent, after remaining dormant below $160 for the last two weeks. Solana (SOL) also has several spot ETF applications currently awaiting approval with the SEC. According to Bloomberg ETF analyst James Seyffart, there is a 90% chance that the SEC will approve a spot SOL ETF this year. Any of these factors could play a role in the soap opera of SOL rebounding to ATH levels.
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So, How High Can Solana SOL Go?
As for how high it could go, analysts are mixed. Some suggest that SOL is bound for a new ATH before the year is over, perhaps reaching near Ethereum levels of $1,000. First though, it has to prove that the rebound is indeed here. SOL’s bullish fundamentals, including whale acquisitions and ETF hype, point to a steadily rising price over the medium- and long-term. The Solana price could therefore hit $160 sometime in the beginning of July, then surging before entering August to hit $200. If that route succeeds and is surpassed, talks of $300, $500, and $1,000 could become more realistic. Currently, SOL is 51% below its ATH of $294.33 reached back in January.