Highlights:
- Solana is trending towards the $160.04 resistance
- Rallying through this resistance could see Solana rally to $200 in the short term
- Price action is driven by core fundamentals and Bitcoin’s price action
Solana is one of the top cryptocurrencies showing strength today. When going to press, Solana traded at $156.27, up by 7.86% in the day. Solana’s trading volumes have also shot up in the day. They are up by 97.78% to stand at $4.56 billion on the day. This indicates that investor confidence in Solana is rising and that even higher prices could be hit in the day. The rising confidence is not without basis and will likely continue growing in the foreseeable future.
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ByBit Building on the Solana Network
One of the key factors that could push Solana higher in the short term is its growing adoption. The latest on this front is that ByBit, one of the world’s top exchanges, has announced that it is building a DEX on the Solana network. This is exciting for Solana investors in two ways.
First, ByBit is one of the top cryptocurrency derivatives exchanges, and its choice of Solana is confidence-inspiring for investors. Additionally, ByBit competitors looking to maintain market share will likely make similar moves. Overall, ByBit’s move creates real demand for Solana and makes it an attractive investment for speculators looking to take advantage of rising cryptocurrency prices.
🚨 JUST IN: #Bybit unveils its first #Solana DEX Byreal, mainnet launch slated for Q3 pic.twitter.com/Wc3MKxeXrc
— CoinEcho (@mycoinecho) June 16, 2025
Odds of Solana-ETF Approval Rising on PolyMarket
Solana has also got a boost from speculation that the SEC could soon approve Solana ETFs. On Polymarket, the odds that Solana ETFs will quickly become reality have shot up to 92%. This rising speculation implies that the ETF is big. For starters, it will likely trigger FOMO buying of Solana as investors look to frontrun such an approval.
It could also mean that real indicators already show that the ETF is coming. This would make Solana more accessible to institutions and retail investors not well-versed in cryptocurrency investing. Opening up new demand avenues could see Solald positively impact its price and pave the way for a rally to its all-time highs.
Approval odds for a $SOL ETF have climbed to 92%, according to Polymarket.
If confirmed, expect a major capital rotation into altcoins.
Don’t just watch it happen – be ready. pic.twitter.com/xMXKXHb2g8
— Thomas Kralow (@TKralow) June 15, 2025
Solana Added as Reserve By Hong Kong Listed Company
Solana is also increasingly carving out its space as one of the few cryptocurrencies, alongside Bitcoin and Ethereum, that are finding favor in international markets. In the case of Solana, a Hong Kong-listed company named MemeStrategy has announced that it was adding Solana to its reserves. The company announced that 2440 Solana. This significant move could inspire other companies in Hong Kong to buy Solana as part of their exposure to the cryptocurrency market.
Anon buys $SOL, anon takes over everyones timelines👀@MemeStrategy made history and becomes the first HK-listed company to invest in $SOL ecosystem.
Since @Memeland started their web3 process, they always invested in inovation and tech. Mimiland $ETH validators are still… https://t.co/0kRL3XINyj pic.twitter.com/j80aJwT7mZ
— real.CrabG (@crispycrabw) June 16, 2025
Bitcoin Recovery Could Push Solana Higher
Solana also stands to benefit from Bitcoin’s recovery. After a correction last week following the escalation of hostilities between Iran and Israel, Bitcoin is in recovery. The markets are already sending signals that the hostilities have been priced in.
An indicator that the risk has been priced in is that gold prices have decreased since markets opened earlier in the day. With a return to a risk-on-market analysis, Bitcoin will likely rally back to $110k. This is likely to push Solana higher because, like other altcoins, it tends to trade in the overall direction of Bitcoin.
Technical Analysis – Solana Trending Towards Critical Resistance
Solana is trending towards $160.04 resistance intraday. A rally through this resistance could see the value of Solana rally to $200 in the short term.
On the other hand, if bulls fail at the $160.04, two scenarios could play out. The first is a consolidation around the $150 price level. However, if bears take control and push Solana lower, a correction to the $142.94 support could play out in the short term.
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