Therefore, this shows that SOL whales still believe its game on for the 6th-largest cryptocurrency, given that they are exhibiting a hodling trend. What are the Stakes of Solana Reclaiming $200? As Solana continues traversing the major support zone of $140, questions continue to be raised as to whether the altcoin is in a position to breach the psychological price of $200. SOL doesn’t need a surge in leveraged longs to reclaim $200, but a shift in investor sentiment is essential. Without renewed confidence, selling pressure may persist. Meanwhile, Solana’s network activity—key to SOL’s performance—has stalled since peaking in January. This is because Solana’s total value locked (TVL) continues to hold near $10 billion whereas decentralized application (dApp) revenue has plunged below $40 million weekly—down from over $100 million between mid-November and mid-February. Therefore, renewed confidence from both retail and institutional investors is needed for Solana to have a good chance of reclaiming $200 with SOL whales already leading the charge with a notable hold trend. Technically, SOL is range-bound between the $140 and $152 zone, clinging to the lower Bollinger Band—a sign of low volatility and an imminent breakout. A reclaim of the 20-SMA mid-band is key to confirming bullish momentum. Market analyst Vlad Hryniv pointed out , “Futures data reveals a “Taker Buy Dominant” signal, meaning consistent buying pressure from traders. On Binance, nearly 75% of traders are long, with a Long/Short ratio of 2.97 — strong bullish bias from the crowd.” The analyst added that since funding rates were modestly positive, a Solana rally would not be driven by risky leverage, which is bullish because it indicates a stable foundation for a gradual breakout as compared to a wild spike. Therefore, on-chain metrics will have to align with renewed buying interest from retail and institutional investors if Solana is to hit the $200 target. Why the Solana ETF Is Being Waited for With Bated Breath The crypto market is buzzing with anticipation over a potential Solana (SOL) exchange-traded fund (ETF), and for good reason. For instance, the approval rate of a SOL ETF has jumped to 91% on Polymarket. As institutional interest in digital assets deepens and regulatory clarity begins to take shape, Solana has emerged as a prime candidate for the next wave of crypto-backed ETFs. Its combination of high-speed transactions, low fees, and vibrant developer ecosystem makes it a compelling alternative to Ethereum—and investors are taking notice. The excitement surrounding a Solana ETF is largely driven by the success of Bitcoin and Ethereum ETFs. Bitcoin spot ETFs, approved in early 2024, opened the floodgates for institutional capital. Ethereum followed, further validating crypto's growing presence on Wall Street. Now, attention is shifting to layer-1 blockchains with strong fundamentals—and Solana is leading that pack. For instance, Solana futures open interest recently hit $7.4 billion since ETF rumors were taking center stage. Solana’s appeal lies in its technical efficiency and ecosystem growth. Capable of handling thousands of transactions per second at a fraction of a cent, the network supports booming segments like decentralized finance (DeFi), NFTs, and real-world assets. With nearly $10 billion in TVL, robust on-chain activity, and increasing developer adoption, Solana is no longer just an Ethereum alternative—it’s becoming a foundational layer of the Web3 economy. Solana’s decentralized nature and growing market cap make it a likely candidate for ETF approval—especially after Ethereum’s spot ETF got the green light. Asset managers like VanEck and Franklin Templeton have hinted at interest in Solana-related products, suggesting institutional appetite is building behind the scenes. A Solana ETF would offer exposure to the asset via traditional markets, enabling hedge funds, retirement accounts, and risk-averse investors to enter the space without navigating the complexities of self-custody or DeFi platforms. More importantly, it would signal further legitimization of Solana as a long-term player in the blockchain race. Conclusion The wait for a Solana ETF isn’t just about price speculation—it’s about access, legitimacy, and the next phase of crypto’s integration into global financial markets. Therefore, the greenlight of a SOL ETF would be welcomed with open arms since it could propel the altcoin’s quest of breaching the $200 zone with whales already in an accumulation spree.
