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Crypto majors have surged in the last 24 hours as the market enters a widely anticipated bullish year, with Bitcoin (BTC) rising beyond $95,000 to recover from last week's losses.
Solana (SOL) also started 2025 on a high note, rising by 11% in the last 24 hours to surpass the $200 mark and set an optimistic tone for the new year. Solana began increasing from lows of $187 on Jan. 1 and hit intraday highs of $207.76 in Thursday trade as of press time.
SOL is presently trading at $206.71, representing a 12% rise from the beginning of the year. Trading volumes have also increased; in the previous 24 hours, Solana has registered a trading volume of $3.68 billion, according to CoinMarketCap data, a 24.54% increase in this time frame.
Tomiwabold OlajideSolana's surge above $200 marks a solid start to 2025, but the road ahead may not be easy, with Solana facing resistance levels. The first major resistance is at $219, which coincides with the daily SMA 50, followed by $246 and the all-time high of $264, which was reached Nov. 23, 2024.
On the other hand, support is envisaged at $175 and the daily SMA 200 in the event of a price downturn.
Prospects of Solana ETF increase
A growing number of companies are bidding for a Solana ETF, including VanEck, Grayscale, 21Shares, Bitwise and Canary Capital.
The spot Solana ETFs are now being reviewed by the United States Securities and Exchange Commission (SEC), with a preliminary decision due by the end of January 2025.
Grayscale's Solana ETF application has a deadline of Jan. 23, while the four other applicants expect a preliminary decision by Jan. 25, 45 days after the SEC received the ETF application for review in November.
According to Polymarkets, a Solana ETF has a 77% chance of being approved this year. Crypto investors see an approved Solana ETF as a potential price boost, and some believe it has not yet been priced in.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Yuri Molchan
Vladislav Sopov
Dan Burgin