Solana (SOL) has roared back into the spotlight, surging past $215 for the first time since February 4. This marks a 206-day high, signaling renewed investor optimism and bullish momentum across the ecosystem. The rally comes just as the countdown to a potential Solana ETF approval nears, intensifying speculation that institutional demand could soon flood the network.

The breakout wasn’t just psychological — it triggered real market consequences. More than $26 million in short positions were liquidated within hours, underscoring how many traders had bet against SOL’s ability to sustain a breakout. Instead, the rally forced bears to cover, fueling even more upward momentum.

Adding to the excitement is the emergence of treasury firms allocating into Solana, a development that mirrors early institutional interest in Ethereum and Bitcoin. For many in the market, this is a sign that Solana is maturing from a retail-driven token into a legitimate digital asset on the radar of big players.

The timing could not be more critical. With the ETF approval window approaching, the market is bracing for what could be a watershed moment in Solana’s history. Analysts note that if an ETF is greenlit, it could unlock significant inflows and cement SOL as the third institutional-grade crypto after Bitcoin and Ethereum.

For now, traders are watching key levels closely. A sustained move above $215–$220 could open the door to retesting last year’s highs, while any pullback may offer dip-buying opportunities given the rising institutional narrative.

The past week has made one thing clear: Solana is no longer just a speculative altcoin play. With ETF chatter, treasury inflows, and a community-driven push, it’s increasingly positioning itself as a serious contender in the next phase of crypto adoption.