Invesco Solar ETF (TAN Quick QuoteTAN - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and has moved up 127.10% from its 52-week low price of $31.40 per share.

Are more gains in store for this ETF? Let us take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed.

TAN in Focus

The underlying MAC Global Solar Energy Index comprises companies in the solar energy industry. The product charges 0.70% in annual fees (see: all Alternative Energy ETFs).

Why the Move?

The solar energy sector has been an area to watch, given surging oil prices, driven by prolonged Middle East tensions and the continued closure of the Strait of Hormuz, which have disrupted global energy markets.Rising concerns over energy security are likely to become a major catalyst for solar energy adoption, as economies seek to reduce dependence on volatile fossil fuel supplies and strengthen long-term energy independence.

Additionally, according to forecasts by the International Energy Agency (IEA), as quoted on OilPrice.com, solar power is expected to attract roughly $365 billion in investment in 2026, while total investment in renewable power is projected to reach approximately $665 billion.

More Gains Ahead?

Currently, TAN has a Zacks ETF Rank #4 (Sell) with a High risk outlook. It might continue its strong performance in the near term, with a positive weighted alpha of 119.96 (per Barchart.com), which hints at a rally.