Solana is leading a fresh attempt at market recovery, largely boosted by the latest development involving Trump tariffs and institutional adoption of the digital asset.

Besides that, whale activity and renewed institutional interest are now combining to stir optimism among traders, even as Solana's price remains well below recent highs. Despite SOL's recent price decline, down nearly 5% between April 10 and April 11, on-chain data shows the Solana network is far from slowing down.

Solana's Total Value Locked Soars

Total value locked (TVL) in Solana-based applications hit 57 million SOL on April 11, up 70% from $9 million in November last year, according to data from DefiLlama.

Source: DefiLlama

Decentralized exchange (DEX) volumes have also remained strong. Solana now accounts for 24% of the DEX market, double that of BNB Chain and more than twice the share of Base, one of Ethereum's top layer-2 networks.

Although the technical indicators show that Solana is still facing bearish momentum, it is currently trading at a key level at 120. The price is currently below the 50 and 200 moving averages. The RSI is currently at 47, meaning the token is below the overbought zone and could rise further before any trend reversal. Past the current level, the other levels to watch are $147 and $160.

Three Catalysts Fueling Bullish Sentiment

Third, and perhaps most notably, the race to launch the first spot Solana ETF in the U.S. has intensified. The Cboe BZX Exchange recently filed to list Fidelity's proposed ETF, joining Franklin Templeton and other major asset managers in pursuit of regulatory approval.

CME's launch of Solana futures in March further points to growing institutional demand. The changing regulatory climate in Washington may prove decisive. The SEC, long cautious about altcoin-based ETFs, approved several spot Bitcoin ETFs earlier this year.

Regulatory Shift Opens the Door for SOL ETFs

With crypto regulation seemingly softening under a second Trump administration, the path appears clearer for products tied to other digital assets.

SOLUSD, Source: CoinMarketCap

Fidelity's push for a Solana ETF aligns with its broader crypto strategy. The price prediction of $1000 largely depends on Solana's fundamental development, its adoption, and the performance of the overall digital asset market.

Already managing Bitcoin and Ethereum ETFs, the firm's move could bring Solana exposure to a wider pool of investors—without requiring them to hold the asset directly.

Source: Finance Magnates