Solana Flips Binance Coin in Market Cap: Where Can the Price Go

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Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

Part of the Team Since

Sep 2022

About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Last updated: 

January 4, 2025

Solana (SOL) continues its upward momentum, trading at $216.13, a 1.50% increase in the last 24 hours. With a daily trading volume of $3.64 billion, the cryptocurrency has strengthened its position as the 5th largest by market capitalization at $104.37 billion.

Recent developments, including substantial market transactions and regulatory advancements, have contributed to this sustained rally.

A notable driver behind this price movement was a $55 million SOL transfer by Pump.fun to the Kraken exchange. The transaction, executed in two phases, helped push Solana’s price from $189 on January 1 to above $200. This highlights the significant impact large transactions have on market sentiment and liquidity.

ETF Developments Fuel Optimism

Speculation around a potential U.S. spot Solana ETF approval has added another layer of support to its price. Polymarket data estimates a 76% probability of approval by 2025, a development that analysts believe could attract institutional investments and drive Solana toward a $400 valuation.

Global markets are already showing signs of growing confidence in Solana. Brazil approved its first Solana ETF in August 2024, signaling a broader acceptance of the cryptocurrency in regulated markets. Following this milestone, Solana’s price climbed to $230 by December, supported by institutional interest and growing adoption.

The possibility of a U.S. ETF approval could have a transformative impact on Solana’s market dynamics. Such a development would likely result in significant inflows from institutional investors, further boosting the cryptocurrency’s value. Analysts view this as a key catalyst for Solana’s long-term growth, particularly as regulatory clarity improves globally.

Solana Price Analysis: Technical Outlook

From a technical perspective, Solana is currently testing resistance at $218.15, a level aligned with a descending trendline.

Breaking above this resistance is critical for further upward movement. If successful, the next targets are $227.54 and $234.88, which represent important levels for sustained growth.

On the downside, support is firmly positioned at $210.09, with additional levels at $201.21 and $198.45. These zones provide stability in case of price corrections.

The Relative Strength Index (RSI) is at 62, indicating moderate upward momentum, while the price remains above its 50-day Exponential Moving Average (EMA) at $201.21, reinforcing the near-term bullish outlook.

Key Takeaways

• Market Activity: A $55 million SOL transfer contributed to Solana’s rise above $200, highlighting the influence of large transactions on price action.
• ETF Potential: Speculation surrounding a U.S. spot Solana ETF could attract institutional investments and drive prices toward $400.
• Technical Levels: Resistance at $218.15 is critical for continued growth, with support levels at $210.09 and $201.21 stabilizing potential pullbacks.

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