Solana (SOL) rallied sharply after Morgan Stanley revised its spot ETF filing, pushing the token close to the $75 resistance level.
Price Momentum
Data from crypto.news shows SOL climbed from roughly $68 on June 19 to an intraday peak of $74.98 on June 22, later settling near $73.7. The near‑9% surge followed Morgan Stanley’s amended S‑1, which added a 0.14% sponsor fee and named Figment and Coinbase Canada as staking partners. This amendment raised expectations that institutional investors could obtain regulated exposure to SOL while earning staking rewards.
Recent Corrections
Earlier in the month, SOL fell from a local high of $75.6 on June 15 to a trough around $68, driven by a stronger U.S. dollar, waning risk appetite, and slower memecoin activity on the blockchain. The sell‑off left futures markets heavily short‑biased, setting the stage for a swift bounce when buying pressure reappeared.
Derivatives and Market Sentiment
Futures traders amplified the rebound as SOL reclaimed short‑term resistance zones between $70 and $73, while open interest rose, indicating fresh leveraged positions rather than mere short covering. The combination of ETF optimism and renewed derivative activity suggests investors are positioning for further upside in the crypto market.