Solana (SOL) Rockets 6% Amid ETF Speculation and Market Momentum

Solana (SOL) is back in the spotlight, gaining over 6.12% in the past 24 hours to trade above $124

Solana (SOL) is back in the spotlight, rising more than 6.12% over the past 24 hours to trade above $124 on April 12.

With daily trading volume exceeding $4 billion, the blockchain giant is heating up as technical indicators align with powerful fundamental catalysts.

Chief among them is the growing speculation around a Solana spot ETF, which several institutions are applying for.

Following the appointment of Paul Atkins, a former SEC commissioner known for his crypto-friendly stance, as the new chair of the U.S. Securities and Exchange Commission, the probability of a Solana ETF approval by 2025 has surged to 76% on Polymarket.

Prior to this, the chances were assessed at 65% earlier this year.

Asset management giants Grayscale, VanEck, 21Shares, Bitwise, and Canary Capital have already submitted ETF applications, keeping institutional interest in the cryptocurrency high.

Key ETF-driven highlights:

Solana (SOL) is up more than 9% over the past 24 hours. (Chart: TradingView)

Short Squeeze Supercharges Solana's Rally

While ETF chatter has sparked interest, a massive short squeeze has poured gas on the fire.

Over $226 million in crypto positions were liquidated within 24 hours, of which $152.4 million was in shorts.

Solana alone saw $9.3 million in short positions liquidated, compared to just $2.1 million in long liquidations.

As shorts rushed to cover their losses, a wave of buybacks triggered aggressive upward momentum in SOL’s price.

Liquidation Snapshot:

Solana saw massive short liquidations. (Chart: Glassnode)

Whale Activity Creates Price Swings, But Bulls Stay in Control

Despite the bullish backdrop, Solana faced temporary volatility as a large whale sold off a portion of their SOL holdings.

On-chain analytics platform Lookonchain reported that an anonymous whale offloaded 274,188 SOL (≈$29.64M) at a loss of around $11 million.

However, the impact was short-lived. SOL remained resilient, bouncing back quickly and maintaining a 9% gain day-over-day, keeping its position above the $119 mark.

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Whale Watch:

Solana is now trading above the 50-day EMA.

Technical Breakout Paints A Bullish Picture

On the charts, Solana broke out of a descending channel, reclaiming the crucial $120 support zone.

The coin is now trading above the 50-day EMA (~$116), and the Relative Strength Index (RSI) stands at 64, indicating strong momentum without yet entering extreme overbought territory.

SOL Technical Breakdown (April 12):

As momentum continues to build across both technical and fundamental fronts, Solana is once again proving why it remains one of the most watched assets in the digital asset space.