Solana Price Breakout Imminent: Calm Before the Storm?

The crypto market is currently in a cooling phase after weeks of persistent downtrends. Amid these market dynamics, Solana price is fighting to stay on top of the game. Analysts claim that the calm in the Solana market may present a unique opportunity for a possible breakout.

Burakkesmeci, an analyst at CryptoQuant, analyzed the price setup of Solana using key on-chain metrics. The spot volume bubble map showed green, indicating a cooling market, while the futures volume bubble map was neutral, signaled by the color gray. This suggests slowing momentum in the Solana crypto market.

However, Burakkesmeci believes that this decrease in volume may be the calm before the next Solana Crypto Summer storm. He cited the possible approval of a spot Solana Exchange-Traded Fund (ETF) as one of the catalysts to ignite future rallies. Several firms have filed to list a spot SOL ETF with the US Securities and Exchange Commission (SEC), and undisclosed sources reveal that the SEC has requested amendments to the S-1 registration form.