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Prices of major cryptocurrencies have risen in the past 24 hours as the market enters a widely expected bull year, with... Bitcoin (BTC) It rose beyond $95,000 to recover from last week's losses.
Solana (Sunday) It also started 2025 on a high note, rising 11% in the last 24 hours to surpass the $200 mark and setting an optimistic tone for the new year. Solana started to rally from lows of $187 on January 1, and reached intraday highs of $207.76 in Thursday trading as of press time.
SOL is currently trading at $206.71, which represents a 12% rise since the beginning of the year. Trading volumes also increased. In the past 24 hours, Solana recorded a trading volume of $3.68 billion, according to CoinMarketCap data, an increase of 24.54% in this time frame.
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Solana above $200 represents a strong start to 2025, but the road ahead may not be easy, as Solana faces resistance levels. The first major resistance lies at $219, which coincides with the 50 simple moving average, followed by $246 and the all-time high of $264, which was reached on November 23, 2024.
On the other hand, support is expected at $175 and the 200 daily simple moving average in case prices decline.
Solana ETF's Increased Prospects
A growing number of companies are bidding for the Solana ETF, including VanEck, Grayscale, 21Shares, Bitwise, and Canary Capital.
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The Solana spot ETFs are now being reviewed by the US Securities and Exchange Commission (SEC), with an initial decision due by the end of January 2025.
The application deadline for Grayscale's Solana ETF is January 23, while the other four applicants expect a preliminary decision by January 25, 45 days after the SEC receives the ETF application for review in November.
according to Polymarketsthe Solana ETF has a 77% chance of approval this year. Cryptocurrency investors see the approved Solana ETF as a potential price increase, and some believe it is not yet priced in.
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