Solana (SOL) jumped nearly 9% over three days, climbing from around $68 on June 19 to an intraday high of $74.98 on June 22 before consolidating near $73.7. The rally followed Morgan Stanley's amended S-1 filing for a spot Solana ETF, which introduced a 0.14% sponsor fee and named Figment and Coinbase Canada as staking providers. The update reinforced expectations that institutional investors could gain regulated exposure to SOL while participating in staking rewards, a dual structure rarely seen in traditional ETF products.
ETF Filing Details Fuel Rebound
The amended filing not only set a competitive fee but also clarified the staking mechanism, a feature that bridges traditional finance and native crypto utility. The development came after a sharp four-day correction that dragged SOL from a local high of $75.6 on June 15 to near $68, driven by a stronger U.S. dollar, reduced risk appetite across crypto markets, and a slowdown in Solana-based memecoin activity. That selloff left derivatives markets heavily skewed toward short positions, creating conditions for a rapid reversal once buying pressure returned. Futures traders amplified the move as SOL reclaimed several short-term resistance levels between $70 and $73, with rising open interest indicating new leveraged positions rather than mere short covering.
Technical Resistance and Analyst Divergence
On the 4-hour chart, SOL remains above its Supertrend support near $70.3, and the Chaikin Money Flow has turned positive, signaling capital inflows. The daily chart shows Solana has reclaimed the Murrey Math 3/8 support line at $68.75 and now approaches the 4/8 major pivot at $75. A decisive break above that zone could open a path toward $81.25 resistance, with the ascending channel projecting potential upside toward the mid-$80s. However, analyst Ali Martinez noted that SOL has entered a dense resistance cluster between $74.65 and $75. "With the TD Sequential flashing a sell signal inside this heavy resistance cluster, the immediate structure favors a minor reset," he said, adding that the area coincides with the 4-hour 200 SMA. In contrast, fellow analyst Team Lambo highlighted a bullish divergence on the weekly chart—price printing lower lows while momentum indicators form higher lows, a pattern often associated with trend reversals after prolonged declines.
Liquidation Data Reveals Battle Lines
CoinGlass liquidation data shows a significant concentration of leveraged short positions between $74.5 and $75.5, directly above current prices. A breakout through that zone could trigger forced liquidations, accelerating a move toward $77 and beyond. Below the market, the largest liquidity pockets sit around $72, $71, and $70, aligning closely with the rising channel support and Supertrend indicator. A loss of $70 would weaken the current recovery structure and expose Solana to a deeper retracement toward $68, as identified by Martinez. Macro conditions remain another variable: renewed U.S. dollar strength, deterioration in risk sentiment, or delays in U.S. crypto ETF approvals could slow institutional demand and interrupt the current advance.