Solana Cools Off — But Analysts Say an ETF-Fueled Summer Rally May Be Brewing

Solana (SOL) may be cooling off on the charts, but analysts say that is why it is time to pay attention.

SOL is one of the biggest gainers among the crypto top 10 today, only second to Dogecoin (DOGE), which is up nearly 7%.

Signs Point to a Brewing Solana Summer Rally

According to bubble maps from CryptoQuant, Solana’s spot and futures trading volumes have declined in recent weeks.

Spot and Futures trading volumes for Solana. Source: CryptoQuant analyst

At first glance, this could suggest waning interest. However, some experts argue this slowdown may represent the calm before the storm. Among them is CryptoQuant analyst Burak Kesmeci, who described the shift as a potentially bullish reset.

“We’re currently observing a cooling trend in Solana’s on-chain metrics… this deceleration can be an early-stage opportunity — especially when it coincides with an upcoming catalyst,” wrote Kesmeci.

The analyst suggests this could be the long-awaited approval of a spot Solana ETF (exchange-traded fund). Bloomberg ETF analyst James Seyffart recently hinted at growing regulatory interest in such a product.

Conversations around the nuances of staking solana in ETFs is getting underway between SEC and hopeful Solana ETF issuers