Solana (SOL) has had a strong start to 2025, breaking the $200 level and rising 12% since the beginning of the year. Technical analysis suggests that the $219 and $246 resistance levels are important and that the expectation of ETF approval could have a strong impact on the price. According to analysts, the probability of a Solana ETF being approved in 2025 is around 77%.
The cryptocurrency market has made a strong start to the expected bullish year. Bitcoin (BTC) has recovered the value it lost last week, breaking the $95,000 level and positively affecting the general market sentiment. During the same period, Solana (SOL) also showed a remarkable performance, rising by 11% and breaking the $200 level, creating optimism among investors.
Solana's Price Performance
SOL, which started to rise from $187 on January 1, gained significant momentum by reaching its highest level of the day at $207.76 as of January 4. The altcoin, which is currently traded at $206.71, has increased by 12% since the beginning of the year. At the same time, a significant increase in trading volume was observed. The last 24-hour trading volume increased by 3.68% to $24.54 billion. This shows the increasing interest of investors in SOL and the confidence of the market.
Solana’s move above $200 is considered a strong start, but the resistance levels ahead of the price should be watched carefully. According to technical data, the first major resistance level is at $219, which coincides with the daily 50 SMA. After this level, the second important resistance point stands out as $246. Solana’s all-time high was recorded as $264, reached on November 23, 2024. In the event of a possible price drop, the $175 level stands out as a strong support point. In addition, the daily 200 SMA level is considered a critical area where the downtrend can be stopped.
Spot Solana ETF expectations also play a major role in the positive momentum in Solana’s price. Major companies such as VanEck, Grayscale, 21Shares, Bitwise, and Canary Capital have applied for the Solana ETF. Grayscale’s application deadline is January 23, 2025, while other applications are due January 25, 2025. The United States Securities and Exchange Commission (SEC) will review these applications by the end of January 2025 and is expected to issue a preliminary decision. According to analysis by Polymarkets, the probability of Solana ETF approval is estimated at 77% in 2025. This approval could be a major catalyst for Solana’s price increase.