Solana Reclaims $200, Sparking Optimism In The Crypto Market
There is growing excitement from cryptocurrency investors as Solana finally was able to get out of a slump, gathering more momentum for a robust comeback in the new year. SOL clawed its way back above the critical level of $202, signaling the resurgence of one of the crypto market’s most popular digital assets.
SOL Price Rebounds
Analysts are seeing that Solana is off to a good start as the virtual coin opened the new year with a price uptick, raising market optimism over the crypto.
SOL experienced an 10% surge in its price on January 2, opening 2025 on a positive note. Market observers also noted that Solana continues its dominance over Ethereum on year-to-date performance.
At the time of writing, SOL was trading 209.22, up 3.5% in the last 24 hours, and soaring 10% in weekly timeframe. Data shows the price hike happened after a brief consolidation for the altcoin.
During the day, the crypto reached a high of $209.35, nearing the $210 mark, while recording a low of $188, which some analysts said was a reflection of the regaining investors’ confidence and optimism on the digital asset.
What’s Next For Solana?
Market observers explained that Solana hitting $208 per coin is a significant achievement for the virtual asset, saying that the price increase allowed the crypto to break the resistance level of $202.
This milestone is seen by analysts as a crucial step for the ongoing recovery of the SOL crypto and in propelling it to attain further gains.
After the $202 level, many analysts see the next goal for the crypto is clawing way back to $220, a critical level that SOL needs to surpass so it can reclaim its loss glory at $245 per coin.
If Solana is triumphant in getting back to the $245 level, analysts believe it “would enable Solana to recover most of its recent losses, reinforcing its bullish outlook and boosting investor sentiment.”
Excitement About SOL ETF
The regained investors’ confidence in Solana is being attributed by some analysts to the growing excitement of a possible Solana exchange-traded fund.
Many crypto investors are anticipating that the US Securities and Exchange Commission (SEC) will approve the Solana exchange-traded fund this year, a milestone that some traders believe would drive the price of the coin up.
Some traders are speculating that the SEC would give the green light to Solana exchange-traded fund as early as July 31, 2025, a rumor which is gaining traction.
Even the Polymarket platform said that there is a 65% probability that the ETF would get the approval, up from the previous 50% approval likelihood prediction.
Featured image from Chainalysis, chart from TradingView
