Solana (SOL) is back in the spotlight as bullish momentum reaches unprecedented levels. Notably, despite struggling since its all-time high of $264 in November 2021, battling market-wide downturns and increased token supply, including the recent FTX estate’s $2 billion SOL unlock, optimism is resurging. According to on-chain analytics firm Santiment, institutional adoption and strategic integrations are fueling this renewed confidence. GameStop and BlackRock have launched yield-bearing tokenized treasury funds on Solana , driving massive social media engagement. “The combination of technological advantages, institutional interest, community support, and influencer engagement has created an almost unheard-of positive-to-negative sentiment ratio of 18:1,” Santiment noted Thursday, emphasizing the growing confidence among institutional and retail investors. While market analysts remain divided on Solana’s trajectory, some predict an explosive rally. Analysts from Sandman Research pointed out that SOL recently retested a key support level near $100 before rebounding 16% to $146, mirroring a pattern seen in 2021 that preceded a major altcoin surge. “Is Solana history repeating itself? SOL has been consolidating near previous all-time highs for most of the year. A key level retest triggered a bullish reaction, and if history follows its 2021 trajectory, we could be on the verge of another major altseason,” the analysts wrote. According to analysts, Solana could surge to a minimum target of just over $1,750 if it mirrors its 2021 bull run, with the potential for an even greater upside. Meanwhile, BitMEX co-founder Arthur Hayes weighed in, recently suggesting Ethereum will hit $5,000 before Solana reaches $300. Although the pundit did not give timeframes, he has previously projected that Bitcoin could reach a market peak by late March 2025, suggesting that the SOL price could reach his target around that time, should BTC rally. Beyond technical, fundamental drivers are also boosting sentiment. Apart from its inclusion in the U.S. government’s proposed cryptocurrency reserve, institutional interest is surging, with Fidelity joining six other firms seeking SEC approval for a spot Solana ETF . If approved, Solana would be officially classified as a commodity alongside Bitcoin and Ethereum, significantly enhancing its regulatory standing. Additionally, Circle issued an additional 250 million USDC earlier this week on the Solana network, potentially increasing liquidity and network activity. Further validation came as Interactive Brokers, one of the largest global brokerage firms, announced expanded support for Solana, Cardano, XRP, and Dogecoin, broadening mainstream exposure. With institutional backing, expanding network adoption, and surging bullish sentiment, Solana’s resurgence is impossible to ignore. At press time, SOL was trading at $138.16, reflecting a 4.43% drop in the past 24 hours.
