Solana (SOL) Set for Potential Summer Rally as ETF Hype Builds

The recent surge of 6.6% in Solana (SOL) over the past week has fueled optimism about a potential significant rally that could challenge its previous all-time high (ATH). The combination of improving fundamentals and bullish technical signals provides a supportive backdrop for this bullish outlook. According to CryptoQuant's Bubble Maps, SOL is currently experiencing a cooling phase on both spot and futures exchanges, which might indicate a strategic accumulation period ahead of a catalyst. The anticipation of SEC approval for a Solana ETF, possibly by July 2025, could serve as such a catalyst, further invigorating investor enthusiasm. Technical analysis shows the formation of a bullish Cup and Handle pattern, hinting at a possible surge beyond $2,000 if SOL breaks above $200. However, caution is advised due to recent large movements of dormant coins that suggest potential selling pressure. Overall, the sentiment leans bullish, driven by positive fundamentals, technical patterns, and regulatory developments, but traders should remain cautious of short-term risks.