- Solana’s price has shown resilience, holding steady around $234 after a recent dip, supported by renewed ETF filings that could broaden its investor base.
- With growing whale interest and a surge in DeFi activity, Solana could see further price gains if it holds above key support levels, potentially reaching $300 or more.
Solana (SOL) has been riding a wave of optimism lately, despite experiencing moderate fluctuations in its price. After a dip to $225, the cryptocurrency swiftly regained ground, now trading around $234 as of late January 2025. With Solana’s price holding steady, all eyes are on the newly refilled ETF applications and what they could mean for the token’s future trajectory.
Solana’s Price Action: Holding Strong Above Key Levels
The recent price action of Solana has shown resilience, especially after testing the $229 support level. Even though it briefly dipped below this level, the swift rebound has highlighted a strong buying interest in the asset. The SOL token’s price has stayed within a narrow range, hovering around $234. For investors, the focus is on whether it can sustain a hold above the $229 support, which would suggest further bullish potential.
ETF Refilings Spark Investor Optimism
A significant development boosting Solana’s prospects is the refiling of Solana-based ETF applications by Cboe for review by the U.S. Securities and Exchange Commission (SEC). This renewed push includes submissions for four major investment firms: Canary Solana Trust, Bitwise Solana ETF, 21Shares Core Solana ETF, and VanEck Solana Trust. These applications represent an attempt to offer investors indirect exposure to Solana, which could broaden its investor base and bring in fresh capital if approved. However, the approval process remains uncertain, especially after previous applications were withdrawn last year due to regulatory challenges.
What’s Next for Solana’s Price?
Analysts are watching for the $229 support level to hold, as a strong base here could pave the way for further gains. If Solana successfully breaks through resistance at $271, the next target could be the $300 mark. This level would represent a significant rally from its current trading price of $234, and many see it as a critical psychological milestone for Solana’s long-term growth.
However, investors should also be mindful of the downside risks. A failure to hold above the $229 support could lead to a price drop, potentially testing lower levels around $211, or even dipping below $200—levels last seen in mid-January.
The Bigger Picture: Whale Activity and DeFi Growth
What’s helping drive this optimism is a surge in whale activity. Data shows that addresses holding at least 10,000 SOL have remained active, with a peak of 5,167 addresses recorded on January 25. This level of investor participation points to growing confidence in Solana, despite broader market conditions that have been relatively calm.
Furthermore, Solana’s total value locked (TVL) in decentralized finance (DeFi) applications has skyrocketed in 2024, rising 460% to a new high of $10.95 billion. This growth further positions Solana as a strong contender in the crypto market, bolstering investor confidence.
Conclusion: Bullish Prospects Ahead?
With renewed ETF filings and rising whale interest, Solana is in a position to build on its recent recovery. The next few months could be critical for the cryptocurrency, with the potential for significant price moves, especially if regulatory developments turn in its favor. Traders and investors alike will be keeping a close eye on Solana’s ability to maintain momentum and test new price targets.
