On July 28, 2025, Solana (SOL) is trading at $192, reflecting a mild 2.15% daily gain and a notable 23% surge in the month of July. This recent performance has reignited bullish sentiment, especially as the Rex Osprey SOL Staking ETF has achieved a major milestone, surpassing $133 million in net assets. This institutional interest adds fuel to speculation about when SOL could reach a new all-time high, with many now eyeing the $300 mark.
The growing optimism surrounding Solana comes during a broader market rally, often described as an “altcoin season.” Historically, such phases have been highly favorable for SOL, and current market signals suggest a similar trajectory may be underway.
A classic bull flag pattern has formed in Solana’s price action, beginning from $131 on June 23 and peaking at $206 last week. Though the rally paused mid-week, a falling channel pattern has since emerged—typically a sign of consolidation rather than decline.
This short-term correction may be healthy, allowing the market to cool off before another upward move. Analysts believe that if Solana can break above the $200 resistance level and successfully retest it as support, the token could climb as high as $305, completing a 56% gain as projected by the flagpole height of the current bull flag pattern.
Despite the bullish setup, there are still risks. Profit-taking by early investors could cause SOL to fall below the $175 level, which would invalidate the bull flag formation and delay the expected breakout.
However, technical indicators like the Chaikin Money Flow (CMF) remain strong, showing that capital inflows are outpacing outflows. This suggests buyers still have confidence in Solana’s potential, supporting the case for a continued uptrend.
A major factor behind this optimism is the Rex Osprey SOL Staking ETF. Unlike many crypto products that see declining volume after a rally, this ETF has continued to attract interest, recently hitting $133 million in net assets. Since its launch, the Rex Osprey ETF has been labeled as one of the fastest-growing in the crypto ETF sector, signaling sustained institutional confidence in Solana.
Beyond ETFs, Solana’s core metrics are also improving. Data from DeFiLlama shows that its total value locked (TVL) has risen to $10.30 billion, up sharply from $6.04 billion in April 2025. This increase highlights growing adoption across DeFi protocols built on the Solana network. Additionally, Solana-based meme coins have experienced a resurgence, with their collective market capitalization now standing at $15 billion—adding another layer of demand to the ecosystem.
With strong institutional backing, bullish technical patterns, and growing network activity, Solana appears well-positioned to challenge its previous highs. While short-term corrections are possible, the overall outlook remains optimistic for a potential breakout toward $300 in the coming weeks.
