Solana Charts Bullish Path with Golden Cross in Sight and Rebound Building

• Solana bounces back from last week’s drop, showing strength with RSI nearing neutral range.
• Golden cross setup and big institutional buys like Galaxy’s 660,000 SOL lift the short-term outlook.

Solana (SOL) is showing renewed signs of recovery after hitting a low of $140.21 on June 14. The previous week saw weaker trading activity across crypto markets due to geopolitical tensions, with the Iran-Israel conflict affecting investor sentiment. 

As of today, Solana is trading at $151. The coin has been gradually climbing, with technical signals pointing to potential further gains. A golden cross appears close to forming on its Moving Average Convergence Divergence (MACD) indicator. This setup happens when the MACD line crosses above the signal line, often interpreted by market participants as a possible indication of further upward movement.

The Relative Strength Index (RSI) sits at 47 and is approaching the midpoint of 50. A break above that could reflect growing interest from buyers, with room for additional gains before reaching any overbought territory.

Solana’s Balance of Power (BoP) is at 0.36, pointing to stronger buying interest compared to selling. A rising BoP often reflects stronger buying activity after a weaker period, supporting a more favorable short-term outlook for SOL.

Institutional Support Pushes Price Prospects

Galaxy Digital’s recent staking activity also contributes to the positive signals. Within the last 24 hours, the investment firm deposited 260,000 SOL valued at $40.7 million, followed by another 150,000 SOL worth $22.7 million. 

Arkham Intelligence data shows Galaxy Digital’s SOL staking has reached 660,000 SOL with a total value of $101.01 million. Additionally, the firm holds another 122,990 SOL, now worth $18.82 million.

This increasing interest from large players shows growing institutional confidence in Solana. Alongside Galaxy Digital, other treasuries like Solana Strategies, DeFi Development Corp, and Upexi have contributed to the positive sentiment surrounding the token.

Solana ETF Hype Adds More Fuel

The possibility of a Solana ETF has added another layer of optimism. CoinShares became the eighth entity to file for a Solana-based Exchange Traded Fund (ETF) by submitting an S-1 application last Friday. Other firms with pending applications include Grayscale, Bitwise, Fidelity, Franklin, VanEck, Canary, and 21Shares.

ETF analysts Eric Balchunas and James Seyffart posted that there is now a 90% chance of approval, according to their estimates. That speculation could potentially influence price momentum in the coming weeks, with increased visibility and legitimacy for the token.

Get ready for a potential Alt Coin ETF Summer with Solana likely leading the way (as well as some basket products) via @JSeyff note this morning which includes fresh odds for all the spot ETFs. pic.twitter.com/UMzih4oou7

— Eric Balchunas (@EricBalchunas) June 10, 2025

If the current buying interest remains and market support holds, SOL could attempt to breach its next resistance at $157.92. Clearing that mark may open the door for a climb toward $165.12. Failure to maintain demand, however, risks a fallback near $142.59.