Solana Nears $210, ETF Approval Hopes Spark Optimism In The Crypto Market

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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. Related Reading Wealth Mentor Predicts XRP Path To $100 – Should You Invest Now? 1 day ago 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. SOL market cap currently at $100.7 billion. Chart: TradingView.com 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. Related Reading XRP’s Path To $15: A Look At Historical Price Alignments 2 days ago

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.” Source: Polymarket 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