The approval of the first Solana (SOL) exchange-traded fund (ETF) marked a pivotal moment in the cryptocurrency market, with the REX-Osprey Solana ETF going live on July 28, 2025, immediately pushing the price of SOL to an intraday high of $153.21 [5]. This event, coupled with a 99% probability of additional ETF approvals this year as indicated by prediction markets, has intensified speculation about Solana’s potential for further gains [7]. Analysts and technical indicators suggest that the asset is positioned for a significant price movement, with multiple price targets cited across industry reports and market analyses.

Solana’s price action has been closely tied to institutional demand and technical conditions. A breakout above the $200 resistance level, which has been a focal point for traders, could catalyze a rally toward $305, according to CoinCentral [3]. Similarly, if the current consolidation around $192 holds firm, the asset may test $205, $225, $268, or even $300, depending on the strength of the breakout [6]. Momentum indicators, such as the relative strength index (RSI), have dipped into oversold territory, signaling a potential retest of the all-time high of $293 if positive ETF-related headlines materialize [1].

Institutional inflows following the ETF launch have also been cited as a catalyst for further gains. BlockchainReporter noted that fresh demand from the REX-Osprey ETF could enable Solana to reclaim the $200 level and establish new highs in the months ahead [9]. Meanwhile, analyst Ali Martinez emphasized that maintaining support above $200 is critical for Solana to avoid a reversal and instead drive toward a new all-time high [8].

The broader market context adds to the optimism. The total value locked (TVL) in Solana-based decentralized finance (DeFi) protocols recently surpassed $10 billion, a metric some analysts associate with increased price resilience [6]. Additionally, capital expenditures on Solana-based infrastructure, including layer-2 solutions and cross-chain bridges, remain robust, though these developments are not expected to directly influence price action until late 2026 [4].

Despite the bullish outlook, risks remain. The Solana price has shown volatility around key resistance levels, and a failure to break above $194 could trigger a pullback to $192 or lower [10]. However, given the current alignment of technical indicators, institutional interest, and the ETF-driven narrative, most forecasts lean toward a continuation of the upward trend.

Source: [1] Bitcoin, [https://en.bitcoinsistemi.com/solana-prediction-will-etf-approval-push-the-price-to-a-new-record-high/] [2] DailyForex, [https://www.dailyforex.com/forex-technical-analysis/2025/07/solana-etf-approval-seen-certain-28-july-2025/231799] [3] CoinCentral, [https://coincentral.com/solana-price-eyes-300-as-etf-milestone-signals-strong-demand/] [4] Mitrade, [https://www.mitrade.com/insights/news/live-news/article-3-991169-20250728] [5] The, [https://thetradable.com/crypto/first-solana-sol-etf-goes-live-as-price-jumps-to-15321-10] [6] CoinCentral, [https://coincentral.com/solana-price-prediction-sol-rally-fades-but-defi-tvl-breaks-10b-is-300-next/] [7] AOL.com, [https://www.aol.com/prediction-solana-worth-500-billion-115000020.html] [8] The, [https://www.thecoinrepublic.com/2025/07/28/solana-and-xrp-price-to-rally-on-huge-institutional-demand-report/] [9] BlockchainReporter, [https://blockchainreporter.net/bnb-rockets-past-sol-to-enter-top-5-as-analyst-predicts-this-solana-slayer-could-be-next/] [10] Crypto, [https://crypto-economy.com/with-3-stages-sold-like-lightning-unilabs-finance-unil-expected-to-surge-55-before-solana-takes-flight/]