- Solana (SOL) rose above $200 to reach $205.64, up 8.48% in 24 hours
- Open interest in SOL futures contracts reached $3.42 billion, with perpetual contracts at $3.4 billion
- Prediction markets show a 76% probability of SOL ETF approval in 2025 under the SEC’s new leadership
- Nate Geraci, president of ETF Store, predicts the approval of the spot Solana ETF among other crypto ETF developments in 2025
- SOL’s trading volume rose 27% to $3.74 billion, with analysts suggesting a price target of $400
Solana (SOL) started 2025 with strong momentum and surpassed the $200 mark on January 2nd. The cryptocurrency reached $205.64, up 8.48% in the last 24 hours, with trading volume increasing to $3.74 billion.
The price movement coincides with growing interest in SOL futures contracts. Open interest was $3.42 billion, of which $3.4 billion was in permanent contracts. The remaining $15.8 million is in futures contracts, up 85.59% in just 24 hours.
SOL price
Trading activity on major exchanges shows that Binance is leading the way with $1.7 billion in open interest. Bybit follows with $1.1 billion, while OKX retains $520.5 million. These numbers represent a broader trend of institutional engagement at Solana.
As for spot trading, Binance reported a 6.32% price increase in 24 hours, while Coinbase and Kraken recorded similar gains of 6.34% and 6.28%, respectively. The SOL/ETH trading pair has seen high activity on Binance, with 56.1K pairs traded in the last day.
The increase in trading activity comes as prediction markets show increasing confidence in a potential approval of the Solana ETF. Polymarket data suggests a 76% chance of SOL ETF approval in 2025, up from previous estimates of 50% earlier this month.
cc, president of ETF Store, added additional weight to these predictions. In his latest market outlook, Geraci predicted several key developments for 2025, including the approval of spot Bitcoin and Ethereum ETFs as well as a spot Solana ETF.
The appointment of Paul Atkins as the new SEC chairman has bolstered market optimism. Atkins, known for his crypto-friendly stance, is expected to promote a more supportive regulatory environment for digital assets.
Technical analysis of the SOL/BTC trading pair shows strong support around $0.002156, indicating stability against Bitcoin. The SOL/ETH pair has also shown positive momentum, indicating growing strength compared to Ethereum.
Solana’s Blockchain continues to draw attention for its technical capabilities. The network processes transactions with fees averaging around $0.00025, significantly lower than Ethereum’s variable gas fees. This cost advantage has helped drive adoption in DeFi, NFT and gaming applications.
The increase in open interest for SOL futures contracts indicates increasing trader engagement. The 85.59% increase in open interest in futures contracts indicates growing confidence among institutional investors in SOL’s price performance.
Binance’s dominance in SOL trading volume highlights the exchange’s role in price discovery. The platform’s 56.1K SOL/ETH trading pairs in 24 hours shows active market participation in various cryptocurrency pairs.
Market data shows that whale inventories are continuing in line with retail investor interest. This broad-based demand has contributed to SOL’s price stability above the $200 level.
The cryptocurrency’s daily trading range was from $187.82 to $205.64 on January 2, indicating strong buying pressure during market hours. This area indicates active price discovery as traders position themselves for possible future moves.
Recent price analysis suggests further upside potential, with some analysts citing $400 as a possible target. However, this forecast remains dependent on general market conditions and regulatory developments.
Trading volume on major exchanges increased by 27% and reached $3.74 billion. This increase in volume supports price action and indicates real market interest rather than temporary volatility.
