Close Menu
Global News HQ
    What's Hot

    Why Investing Abroad Could Pay Off

    June 28, 2025

    How to Master Leadership and Prevent ‘Owner Bottleneck’ From Hindering Your Team

    June 28, 2025

    The best iRobot vacuums of 2025: Expert tested and reviewed

    June 28, 2025
    Recent Posts
    • Why Investing Abroad Could Pay Off
    • How to Master Leadership and Prevent ‘Owner Bottleneck’ From Hindering Your Team
    • The best iRobot vacuums of 2025: Expert tested and reviewed
    • Don’t Toss Old Cardboard! 5 Ways to Reuse It in Your Garden for Better Soil and Fewer Pests
    • Weekly Horoscope For June 30-July 6, 2025, From The AstroTwins
    Facebook X (Twitter) Instagram YouTube TikTok
    Trending
    • Why Investing Abroad Could Pay Off
    • How to Master Leadership and Prevent ‘Owner Bottleneck’ From Hindering Your Team
    • The best iRobot vacuums of 2025: Expert tested and reviewed
    • Don’t Toss Old Cardboard! 5 Ways to Reuse It in Your Garden for Better Soil and Fewer Pests
    • Weekly Horoscope For June 30-July 6, 2025, From The AstroTwins
    • Asus’s new BTF GPUs can now be used in standard systems courtesy of a detachable 1000W power connector — New 5090 and RTX 5070 Ti models have a dual personality
    • Asus’s new BTF GPUs can now be used in standard systems courtesy of a detachable 1000W power connector — New 5090 and RTX 5070 Ti models have a dual personality
    • The 5 Best Stocks to Buy With $5,000 | The Motley Fool
    Global News HQ
    • Technology & Gadgets
    • Travel & Tourism (Luxury)
    • Health & Wellness (Specialized)
    • Home Improvement & Remodeling
    • Luxury Goods & Services
    • Home
    • Finance & Investment
    • Insurance
    • Legal
    • Real Estate
    • More
      • Cryptocurrency & Blockchain
      • E-commerce & Retail
      • Business & Entrepreneurship
      • Automotive (Car Deals & Maintenance)
    Global News HQ
    Home - Cryptocurrency & Blockchain - Why is Solana (SOL) price up today?
    Cryptocurrency & Blockchain

    Why is Solana (SOL) price up today?

    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
    Why is Solana (SOL) price up today?
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Solana (SOL) price is outperforming the crypto market on April 11, up 7.45% over the last 24 hours to trade at $121.

    SOL/USD daily chart. Source: Cointelegraph/TradingView

    Let’s take a closer look at the factors behind Solana’s rally today.

    Renewed SOL ETF approval optimism

    Solana price appears to be benefitting from a broader market bounce across the entire cryptocurrency market and renewed optimism surrounding a potential Solana ETF approval in the US following Paul Atkins’ appointment as SEC chair. Atkins, known for his crypto-friendly stance, has sparked speculation that altcoin ETFs, including Solana, could face a smoother path to approval. 

    The betting odds for a SOL ETF approval in 2025 now stand at 76% on Polymarket. Over the past three months, the probability of approval has swung 11% in favor of the bulls, which was around 65% on Jan. 4.

    SOL ETF approval odds on Polymarket. Source: Polymarket

    Several major asset managers have submitted applications for a Solana ETF, including VanEck, Grayscale, 21Shares, Bitwise, and Canary Capital.

    Market participants believe such an offering could attract new capital and enhance liquidity in SOL trading. 

    Margin short liquidations push SOL price higher

    Rising liquidations in Solana’s derivatives market also played a role in today’s rally, according to data from CoinGlass. The crypto futures market witnessed the liquidation of over $226 million worth of leverage positions in the last 24 hours, with $152.4 million being short liquidations.

    Over $9.3 million in short SOL positions were liquidated against $2.1 million in long liquidations over the same period. 

    Total crypto liquidations. Source: CoinGlass

    Related: Fartcoin rallies 104% in a week — Will Solana (SOL) price catch up?

    Solana’s RSI shows a bullish divergence

    On SOL’s daily chart, there is a bullish divergence with the daily RSI which preceded today’s price increase.

    SOL/USD daily chart. Source: TradingView

    The bullish divergence could be a hint that the bulls are gaining control, and if the trend holds, SOL price could rally toward the 50-day SMA above $130 in the short term.

    This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.