Crypto enthusiasts have reasons to celebrate as the market steps into 2025 with a bang. Bitcoin (BTC) is making headlines, soaring past $95,000 after a recovery from last week’s dip. But the spotlight is also on Solana (SOL), which has kicked off the year on an exhilarating note by climbing 11% in just 24 hours to surpass the $200 threshold.
Starting at $187 on January 1, Solana’s momentum has brought it to impressive intraday highs of $207.76. As of now, SOL is trading at $206.71, marking an encouraging 12% rise since the start of the year. The excitement doesn’t stop there; trading volumes have surged as well, with Solana registering an impressive $3.68 billion in the past 24 hours, which translates to a 24.54% increase in trading activity.
While this performance sets a positive tone for 2025, the journey ahead is expected to be challenging. Solana will need to navigate some significant resistance levels—the first major hurdle is at $219, aligned with the daily SMA 50. Following that, investors will eye $246 and the all-time high of $264, which was achieved on November 23, 2024.
Should the market face a downturn, there is support anticipated at $175 and the daily SMA 200, a cushion for those who prefer a less bumpy ride.
On another exciting note, the prospect of a Solana ETF is gaining traction. A surge of companies, including heavyweights like VanEck, Grayscale, 21Shares, Bitwise, and Canary Capital, are actively bidding for a Solana ETF. These applications are currently under scrutiny by the United States Securities and Exchange Commission (SEC). With a preliminary decision anticipated by the end of January 2025, anticipation is palpable.
Grayscale’s application deadline is fast approaching on January 23, while the other four applicants are looking for a decision by January 25, a timeline of 45 days following their submission back in November. Market sentiment is positive; according to Polymarkets, the likelihood of a Solana ETF getting approved this year sits at a favorable 77%. Many investors see this as a catalyst for a potential price surge, and some believe that the market has not fully accounted for this possibility yet.
As we look forward to what lies ahead, the excitement around Solana (SOL) is undeniable. The combination of strong trading performance and the potential launch of an ETF puts Solana in an excellent position to capture investor interest and generate further momentum. If you’re considering entering the world of cryptocurrency, keep a close eye on Solana—it’s definitely a name to follow this year!
