Solana (SOL) surged above $200, reaching $205.64 with an 8.48% increase over 24 hours
Open interest in SOL futures contracts reached $3.42 billion, with perpetual contracts at $3.4 billion
Prediction markets show 76% probability for SOL ETF approval in 2025 under new SEC leadership
Nate Geraci, President of ETF Store, predicts Spot Solana ETF approval among other crypto ETF developments in 2025
SOL’s trading volume increased 27% to $3.74 billion, with analysts suggesting potential for $400 price target
Solana (SOL) has started 2025 with strong momentum, breaking above the $200 mark on January 2nd. The cryptocurrency reached $205.64, marking an 8.48% increase over the previous 24 hours, with trading volumes surging to $3.74 billion.
The price movement coincides with growing interest in SOL futures contracts. Open interest reached $3.42 billion, with perpetual contracts making up $3.4 billion of this total. Futures contracts account for the remaining $15.8 million, showing an 85.59% increase in just 24 hours.
Trading activity across major exchanges shows Binance leading the way with $1.7 billion in open interest. Bybit follows with $1.1 billion, while OKX maintains $520.5 million. These figures represent a broader trend of institutional engagement with Solana.
On the spot trading front, Binance reported a 6.32% price increase over 24 hours, while Coinbase and Kraken showed similar gains of 6.34% and 6.28% respectively. The SOL/ETH trading pair saw high activity on Binance, with 56.1k pairs traded in the last day.
The surge in trading activity comes as prediction markets show increasing confidence in a potential Solana ETF approval. Polymarket data indicates a 76% probability of SOL ETF approval in 2025, up from previous estimates of 50% earlier this month.
cc, President of ETF Store, has added weight to these predictions. In his recent market outlook, Geraci forecasted several key developments for 2025, including the approval of Spot Bitcoin and Ethereum ETFs, along with a Spot Solana ETF.
The appointment of Paul Atkins as the new SEC Chair has boosted market optimism. Atkins, known for his crypto-friendly stance, is expected to foster 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, suggesting growing strength relative to Ethereum.
Solana’s blockchain continues to attract attention for its technical capabilities. The network processes transactions with fees averaging around $0.00025, notably lower than Ethereum’s variable gas fees. This cost advantage has helped drive adoption across DeFi, NFT, and gaming applications.
The surge in open interest for SOL futures contracts points to increasing trader engagement. The 85.59% jump in futures contract open interest suggests growing confidence in SOL’s price trajectory among institutional investors.
Binance’s dominance in SOL trading volume highlights the exchange’s role in price discovery. The platform’s 56.1k SOL/ETH trading pairs over 24 hours demonstrates active market participation across different cryptocurrency pairs.
Market data shows whale accumulation continuing alongside retail investor interest. This broad-based demand has contributed to SOL’s price stability above the $200 level.
The cryptocurrency’s daily trading range on January 2nd spanned from $187.82 to $205.64, showing strong buying pressure during market hours. This range indicates active price discovery as traders position themselves for potential future movements.
Recent price analysis suggests potential for further upside, with some analysts pointing to $400 as a possible target. However, this projection remains dependent on broader market conditions and regulatory developments.
Trading volumes across major exchanges have increased by 27%, reaching $3.74 billion. This uptick in volume supports the price movement, indicating genuine market interest rather than temporary volatility.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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By Nermeen Nabil Khear 
