Solana Price Prediction: As Helius Eyes 5% SOL Buy Worth $6 Billion, Bitwise Ignites SOL ETF Fee War

The Solana price climbed almost 1% in the past 24 hours to trade at $222.23 as of 6:51 a.m. EST.

Sentiment was bolstered by news that Hong Kong-based Helius, a digital asset treasury firm, plans to acquire at least 5% of Solana’s circulating supply, a stake valued at more than $6 billion.

The Solana acquisition will proceed once regulatory and market capitalization thresholds are met, according to Joseph Chee, the Solana treasury strategy lead.

Helius has already secured $500 million to launch its Solana treasury initiative, transforming the company from a healthcare technology firm into a major digital asset player.

Meanwhile, asset manager Bitwise on Wednesday set off a wave of excitement after amending its US-based Solana exchange-traded fund (ETF) application to include staking and an ultra-low 0.20% annual management fee.

The fee, lower than expected for a fund yet to be launched, pressures rivals to at least match it or lose market share.

”Bitwise not playing around,” said Bloomberg ETF analyst Eric Balchunas on X. ”Thought we’d see higher first, need war to get this low.”

Balchunas added that low fees are very effective at attracting investors, which bodes well for inflows.

SOL is still up 55% year-to-date, after hitting an all-time high (ATH) of $293.31 in January. Can it set a new ATH in coming months?

Solana Price Remains In A Bullish Channel, Poised For More Gains

After touching the ATH just around $293, according to the daily chart, the SOL price went through a correction that pushed it to the $100 support zone in April.

However, due to the oversold condition of the asset, buyers took charge of the token, which allowed the Solana price to rally through a sustained bullish rising channel pattern.

As a result of the uptrend, the price of SOL has continuously traded above both the 50-day and 200-day Simple Moving Averages, with the 50-day SMA at $216.96, acting as the immediate support level within the lower boundary of the rising channel.

The Relative Strength Index (RSI) is currently at 50.43, indicating a neutral momentum where neither buyers nor sellers are in clear control. This suggests that SOL price could consolidate in the short term, awaiting a breakout above 60 for bullish confirmation or a drop below 40 to signal renewed bearish momentum.

SOL/USD Chart Analysis: TradingView

Meanwhile, the Moving Average Convergence Divergence (MACD) supports the overall bullish trend. The blue MACD line has crossed above the orange signal line, which pushes the positive sentiment.

SOL Price Aims For The $250 Level, Eyes The $293 Resistance

Based on the daily analysis of the price of SOL, major indicators show that the token could soar even higher, as the price could surge to the upper boundary of the rising channel at the $250 resistance level.

If the bulls keep on pushing the price of Solana, the next key target could be the ATH around $293.

Conversely, if the bears take charge of the price, SOL could drop back below the 50-day SMA to find a cushion against further bearish pressure at the $192.25 zone.

Analysts now believe that the price is starting to look like BNB pre-breakout, which pushed the Binance coin to a new all-time high.