Solana (SOL) May Be on the Verge of a Major Price Breakout
Solana (SOL) may be on the verge of a major price breakout as optimism builds around a potential spot ETF approval, according to crypto analyst @CryptoGodJohn. The analyst, who has nearly 1 million followers on X, told his audience on June 11 that Solana is “on the verge of a massive breakout on the daily,” citing both the technical setup and the growing likelihood of an ETF decision in the next 2–3 weeks. “Wouldn’t be surprised to see Solana go on a run soon,” he wrote.
Solana Price Will Climb Toward $250, Analyst’s Chart Shows
CryptoGodJohn attached a Solana price chart to support his upside outlook.
In it, observers can note SOL/USD approaching a descending trendline resistance that has capped price rallies since late 2024. A confirmed breakout above this line — currently near $170 — could open the door to a retest of the $188.59 and $237.58 resistance levels, previously established during Solana’s last major uptrend. CryptoGodJohn’s call adds to a growing chorus of bullish voices backing Solana as the next institutional crypto asset after Bitcoin and Ethereum. If the SEC approves even one spot Solana ETF, it could unleash new capital inflows, particularly if bundled with staking yield products.
Eric Balchunas Sees ‘Altcoin ETF Summer’ With SOL in the Lead
CryptoGodJohn’s comments followed a post by Bloomberg’s senior ETF analyst Eric Balchunas, who said investors should brace for a “potential Altcoin ETF Summer,” with Solana likely leading the charge. He highlighted a new Bloomberg Intelligence dashboard showing fresh odds for all spot crypto ETF filings.
The data reveals multiple spot Solana ETF applications from major issuers, including Grayscale, VanEck, Bitwise, and 21Shares. Several of these filings have already been acknowledged by the SEC, with final decision deadlines as early as July and running through December 2025. Balchunas noted that the SEC may take a more proactive approach to altcoin ETFs following its recent approvals of Bitcoin and Ethereum spot products. The Bloomberg dashboard also suggests some Solana filings may include a staking yield feature, potentially making them more attractive to institutions.
ETFs may not guarantee a full-fledged bull run immediately after launch, but they may enable speculative upside moves in Solana markets. That is akin to how Ethereum rallied ahead of its spot ETF launch in July, only to decline sharply afterward, suggesting a “sell-the-news” phenomenon.
