NewsBTC

3 January 2025

0 0

Solana Surges Above $200 Amid ETF Approval Speculations

Cryptocurrency investors are showing increased interest as Solana has exited a slump, gaining momentum for a potential comeback. SOL surpassed the critical level of $202, indicating a resurgence of this popular digital asset.

SOL Price Rebounds

Analysts note that Solana began the new year positively, with a 10% price increase on January 2, 2025, enhancing market optimism. SOL traded at $209.22, up 3.5% in 24 hours and 10% weekly. The altcoin reached a high of $209.35 and a low of $188, reflecting regained investor confidence.

What’s Next For Solana?

Solana's achievement of $208 is significant, breaking the resistance level of $202. Analysts view this milestone as crucial for SOL's recovery and potential further gains. The next target is $220, which is essential for reclaiming its previous high of $245. Success in reaching $245 would enable Solana to recover most recent losses and enhance its bullish outlook.

Excitement About SOL ETF

Investor confidence in Solana is partly attributed to anticipation surrounding a possible Solana exchange-traded fund. Many expect the US Securities and Exchange Commission (SEC) to approve the ETF this year, potentially driving SOL's price higher. Speculation suggests approval could occur by July 31, 2025, with Polymarket indicating a 65% probability of approval, up from a previous 50% estimate.

Featured image from Chainalysis, chart from TradingView