Solana News: Why Is Solana (SOL) Price Up Today? ETF Optimism, Short Squeeze Fuel Rally

Solana (SOL) price is surging today, outperforming the broader crypto market amid renewed optimism for a Solana ETF approval and a wave of short liquidations. The price of SOL is up 7.45% in the last 24 hours, currently trading at $122.46 on April 11, 2025.Let’s break down the key drivers behind today’s SOL rally.1. Solana ETF Approval Speculation Gains MomentumThe most significant catalyst behind Solana’s price increase is growing optimism around a potential Solana spot ETF following the appointment of Paul Atkins as the new U.S. SEC Chair.Paul Atkins, a former SEC commissioner known for his pro-crypto stance, has spurred market speculation that altcoin ETFs—including Solana ETFs—may see a smoother path to regulatory approval.According to Polymarket, the odds of a SOL ETF approval by 2025 have jumped to 76%, up from 65% in early January.Several leading asset managers have submitted applications for Solana ETFs, including:GrayscaleVanEck21SharesBitwiseCanary CapitalThe approval of a Solana ETF would likely increase institutional interest and liquidity in SOL, driving more capital inflows into the ecosystem.2. Short Liquidations Trigger Upward MomentumA large wave of short liquidations in the derivatives market is also fueling Solana’s price rally.According to CoinGlass:Over $226 million in crypto liquidations occurred in the last 24 hours.$152.4 million were short positions.SOL short liquidations totaled $9.3 million, compared to just $2.1 million in long liquidations.This liquidation cascade forced traders to buy back positions, further accelerating SOL’s price rally.3. Bullish RSI Divergence Suggests UptrendTechnical indicators on Solana’s daily chart are signaling a bullish divergence, reinforcing today’s upside.The daily Relative Strength Index (RSI) is forming higher lows while the price previously made lower lows—typically a bullish reversal signal.If this trend continues, SOL price could target the 50-day Simple Moving Average (SMA) near $130, acting as the next short-term resistance.Solana's Path ForwardWith bullish momentum building from regulatory optimism and market mechanics, Solana appears poised for further gains.Key levels to watch:Immediate resistance: $130 (50-day SMA)Support zone: $115–$118Breakout target: $140+ if ETF sentiment strengthensAs crypto traders eye ETF-related headlines and funding rate shifts, Solana remains one of the top altcoins to watch in April 2025, according to Cointelegraph.