Solana’s Splendid Ascent: A Tale of Triangles and Tantalising Possibilities

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Solana, or as the initiated call it, SOL, is currently hovering around the $149.3 mark, with a 24-hour volatility of 1.2%. Its market cap stands at a staggering $79.99 billion, and the daily trading volume is a respectable $4.32 billion.

According to the esteemed technical analyst, Ali Martinez, Solana’s 1H price chart has formed a symmetrical triangle, which, if SOL manages to move above $153, could result in an 8% gain, reaching the dizzying heights of $164. Martinez, in his infinite wisdom, proclaims, “If you’re not watching Solana, you’re asleep!”

“If you’re not watching Solana $SOL, you’re asleep! “

— Ali (@ali_charts) July 9, 2025

At the time of writing, Solana has experienced a 2.2% increase in the past 24 hours, trading at $152.7. Its market cap is nearing $82 billion, and the daily trading volume is just over $4 billion.

The Rising SOL Ecosystem

In addition to the price, Solana’s decentralized finance ecosystem and exchange-traded funds have also been on the rise. According to data from DefiLlama, Solana’s DeFi total value locked increased by 1.2% in 24 hours, reaching $8.7 billion. Jito, a liquid staking protocol, leads the layer-1 network’s DeFi ecosystem with a TVL of $2.7 billion.

Moreover, the first-of-its-kind US-based spot SOL ETF by REX Financial and Osprey Funds, known as SOL and Staking ETF (SSK), has been accumulating constant inflows. Since its launch on July 2, the SSK fund recorded a net inflow of $41.2 million.

On July 7, the US Securities and Exchange Commission asked the Solana ETF applicants to resubmit their filings by the end of July. The agency’s request hints at the potential early approval of SOL-based investment products. Could this be the dawn of a new era for Solana? Only time will tell, but one thing is for sure: the future looks bright for our dear friend, SOL.

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2025-07-09 13:43