Solana (SOL) Kicks Off 2025 with Double-Digit Gains

The cryptocurrency market has kicked off 2025 with impressive momentum, as Bitcoin surged past $96,000 and Solana (SOL) rallied by over 10% in the past day.

After starting the year at $187, Solana climbed steadily, peaking at $207.76 during Thursday’s trading, setting a strong tone for the new year.

As of now, SOL is trading at around $208, representing a 12% increase since January 1. Trading activity has intensified significantly, with volumes exceeding $3.9 billion in the last 24 hours, a substantial jump of 34%, based on CoinMarketCap figures.

Despite breaking the $200 barrier, Solana’s upward trajectory may encounter challenges. Key resistance points include $219, coinciding with the daily SMA 50, as well as $246 and its record high of $264, achieved in late November 2024.

In parallel, the growing interest in Solana-based ETFs is creating additional buzz. Prominent firms like Grayscale, VanEck, 21Shares, Bitwise, and Canary Capital have submitted applications for spot Solana ETFs. The U.S. Securities and Exchange Commission (SEC) is expected to issue preliminary decisions by late January, with Grayscale’s application deadline set for January 23, and others following by January 25.

Speculators give a 77% probability of at least one Solana ETF being approved this year, according to Polymarkets data. Many in the crypto space see this as a potential catalyst for further price growth, with some arguing that the market has yet to fully account for this possibility.