Solana (SOL) in May 2025: Investor Optimism and Signs of Recovery

After facing pressure over the past few months, Solana has begun to show convincing signs of recovery.

Thanks to the active participation of long-term holders (LTHs), this popular altcoin is once again capturing attention.

This momentum provides a strong foundation for Solana to continue its recovery path throughout May 2025.

Hope Zone: Analysis Based on the NUPL Indicator

Currently, Solana is in the “Hope” zone according to the Net Unrealized Profit/Loss (NUPL) indicator.

In the history of crypto price movements, this zone often precedes price increases, as it shows that investors are starting to see the potential for long-term gains.

If the NUPL indicator moves toward the “Optimism” zone at the 0.25 level, it is highly likely that the price of SOL will be pushed upward. While it is still some distance away, bullish signals are beginning to emerge.

Institutional Support: Strategic Move from Canada

Based on information quoted from Beincrypto media, Solana has also gained confidence from the institutional side. One key moment was the approval of the world’s first spot Solana (SOL) ETF by Canadian regulators.

This is a major step, as institutional investors in the U.S. have long awaited something similar.

According to Chris Chung, CEO and Co-Founder of Titan:

“The approval of the spot SOL ETF in Canada is not enough on its own to drive prices up, but it sends a strong signal that the institutional world is ready to welcome Solana. Moreover, the Ontario Securities Commission has also approved staking — a topic that has long been debated.”

With that move, the pressure now falls on the U.S. SEC to follow suit, which, if it happens, could bring a larger flow of capital into Solana.

On-Chain Data: Accumulation by Long-Term Holders

In addition to technical and institutional support, on-chain data also reinforces the recovery narrative.

The HODLer Net Position Change shows a significant increase, indicating that long-term holders are actively increasing their holdings.

This condition confirms growing confidence in Solana’s future.

Conclusion: The Road to the Optimism Zone

Solana enters May 2025 with positive technical signals, strengthening institutional support, and growing trust from long-term holders.

If this trend continues, it’s not impossible that SOL will break through the key resistance level at US$180 and potentially reach US$221 in the coming weeks.

Even so, investors should remain mindful of global market dynamics and major regulatory decisions — such as those from the SEC — that could impact Solana’s growth trajectory.