Solana price has declined by 10% in June. However, three factors suggest a rally toward $187 may be imminent before the month concludes.
This month, Solana (SOL) has experienced a decline of approximately 10% from its initial price of $156.
Solana’s intraday price has decreased by 3.45% to $140 as of June 27.
Three factors indicate that SOL may erupt imminently despite the bearish pressure. We should investigate.
Primary Reasons For Potential Price Increase In Solana Before June Concludes Are As Follows
Shortly, Solana price may experience a bullish rally due to the convergence of three critical factors, including on-chain and macro-factors, which indicate that supporters are poised to regain control.
These include Spot SOL ETFs, Surging DEX volumes, and government adoption of the Solana blockchain.
Locate SOL ETF Filings Signal Institutional Interest
The primary cause of a Solana price collapse before the end of June is the increase in institutional interest, as evidenced by spot SOL ETF filings.
In conjunction with other prominent firms, including VanEck, BitWise, and 21Shares, Invesco Galaxy submitted an S-1 for a SOL ETF, as CoinGape reported.
The most recent filing is concurrent with an increase in the likelihood of approval.
The probability of this product being approved before the end of the year is 91%, as indicated by Polymarket data, and has been at a range high since a significant surge.
In the interim, 46% of merchants are also optimistic that the product will be approved next month.
Increasing Volumes Of DEX Indicate Institutional Interest
SOL is presently ranked second in decentralized exchange (DEX) volumes, according to data from DeFiLlama.
This may be a positive development for the Solana price.
The volumes of DEXs have exceeded Ethereum’s $61 billion in the past 30 days, reaching $64 billion.
The 30-day DEX volumes were dominated by BNB Chain, costing $159 billion.
This expansion indicates that the Solana price has favorable catalysts that may facilitate a recovery despite the diminishing activity of meme coins.
The price may be on the brink of significant gains as these volumes increase to enhance SOL’s utility.
Government Utilizes Solana Blockchain
Wyoming is also utilizing the SOL blockchain for a stablecoin initiative, a positive development for the SOL price.
Wyoming will utilize Solana and Aptos to launch the WYST stablecoin, which the state supports, according to CoinGape’s report.
This adoption indicates a favorable outlook for Solana before the conclusion of the month.
Buyers may emerge and initiate a substantial rally within the next three days as these actions bolstered confidence in SOL.
Key Levels To Monitor In Solana Price
The key levels to monitor in the event of an explosive rally in June are provided by technical indicators and the Fibonacci extension, as bullish factors align around the SOL price forecast.
The initial level is the 61.8% Fibonacci at $152, which must be converted into support for Solana to facilitate a bull run.
The 50-day SMA level of $159 also serves as a critical resistance level.
Historical data indicates that a rally has occurred each time Solana’s price has crossed this threshold and closed above it.
The same trend was observed when SOL crossed the 200-day SMA in Q4 2024.
These are two critical levels that traders should monitor, as they have the potential to initiate the next bull run.
If these resistance levels are reversed and institutional interest, retail activity, and adoption assist in initiating a rally, Solana may be able to charge $187.
Nevertheless, Solana may not regain $200 shortly, as the RSI indicates that buy-side pressure remains feeble despite the likelihood of a brief rally to $187.
This indicator suggests that the impetus behind SOL’s price action is bearish, as indicated by a reading of 43.
Consequently, traders should be cautious of the critical resistance levels at $152 and $159.
Even though three catalysts are anticipated to drive Solana price increases in June, it is crucial to monitor these levels.
A robust upward movement is potential if SOL can transcend these levels.