Crypto majors have surged in the last 24 hours as the market enters a widely anticipated bullish year, with Bitcoin (BTC) rising beyond $95,000 to recover from last week's losses.
Solana (SOL) also started 2025 on a high note, rising by 11% in the last 24 hours to surpass the $200 mark and set an optimistic tone for the new year. Solana began increasing from lows of $187 on Jan. 1 and hit intraday highs of $207.76 in Thursday trade as of press time.
SOL is presently trading at $206.71, representing a 12% rise from the beginning of the year. Trading volumes have also increased; in the previous 24 hours, Solana has registered a trading volume of $3.68 billion, according to CoinMarketCap data, a 24.54% increase in this time frame.
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Solana's surge above $200 marks a solid start to 2025, but the road ahead may not be easy, with Solana facing resistance levels. The first major resistance is at $219, which coincides with the daily SMA 50, followed by $246 and the all-time high of $264, which was reached Nov. 23, 2024.
On the other hand, support is envisaged at $175 and the daily SMA 200 in the event of a price downturn.
Prospects of Solana ETF increase
A growing number of companies are bidding for a Solana ETF, including VanEck, Grayscale, 21Shares, Bitwise and Canary Capital.
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The spot Solana ETFs are now being reviewed by the United States Securities and Exchange Commission (SEC), with a preliminary decision due by the end of January 2025.
Grayscale's Solana ETF application has a deadline of Jan. 23, while the four other applicants expect a preliminary decision by Jan. 25, 45 days after the SEC received the ETF application for review in November.
According to Polymarkets, a Solana ETF has a 77% chance of being approved this year. Crypto investors see an approved Solana ETF as a potential price boost, and some believe it has not yet been priced in.
