{"id":45876,"date":"2025-01-22T22:58:23","date_gmt":"2025-01-22T22:58:23","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/solana-reclaims-key-support-level-will-sol-reach-500\/"},"modified":"2025-01-22T22:58:23","modified_gmt":"2025-01-22T22:58:23","slug":"solana-reclaims-key-support-level-will-sol-reach-500","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/solana-reclaims-key-support-level-will-sol-reach-500\/","title":{"rendered":"Solana reclaims key support level: will SOL reach $500?"},"content":{"rendered":"

(Originally posted on : Invezz )<\/b>
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Solana (SOL) registered notable gains as the broader crypto market flipped positive. <\/p>\n

SOL price hit highs above $260 with a double digit spike in 24 hours, with this coming amid bullish sentiment around crypto.\u00a0<\/p>\n

There have been several potential positive drivers of the fresh momentum in the past 24 hours. <\/p>\n

It includes the SEC’s establishment of a crypto task force and President Donald Trump\u2019s pardoning of Silk Road founder Ross Ulbricht. <\/p>\n

A US court also delivered a verdict on crypto mixer Tornado Cash, overturning sanctions<\/a>.<\/p>\n

Solana price: bulls eye new all-time high<\/h2>\n

Market data from CoinMarketCap<\/a> showed SOL reached intraday highs of $264, with this seeing bulls come close to the all-time high of $294 reached on January 19, 2025. <\/p>\n

The launch of Official Trump (TRUMP) and Official Melania (MELANIA) had catalysed the surge in SOL to the new ATH.\u00a0<\/p>\n

A dump for the meme coins amid Trump\u2019s remark of not knowing much about TRUMP and network delays have since impacted volume. <\/p>\n

SOL price declined post-inauguration and daily volume, per CMC, was down 36% at the time of writing.<\/p>\n

However, analysts remain bullish and see Solana price riding multiple potential upward catalysts to hit a new all-time high. <\/p>\n

What could drive SOL price higher?<\/h2>\n

Broader market gains<\/h3>\n

With Bitcoin (BTC) holding above $100k this week and retesting $107k, a surge to predicted levels of $150k to $200k in 2025 means SOL upside of 2x could easily push it past the $500 mark.<\/p>\n

At the current price, SOL\/USD is up 35% in the past week and more than 200% in the past year. Meme coins, which have helped the bullish setup, remain a critical component of the forecast. <\/p>\n

TRUMP and MELANIA meme token\u2019s traction may provide further fuel, with network activity likely to explode.\u00a0<\/p>\n

Token listings on Coinbase, Binance and other top exchanges adds to this outlook. <\/p>\n

Network growth<\/h3>\n

Another factor is the growth in total value locked (TVL). Currently, as data on DeFiLlama<\/a> shows, the total value locked in Solana protocol stands at over $12.1 billion. <\/p>\n

That\u2019s up from $8.8 million on January 15, 2025. Jito,Raydium, Jupiter and Kamino are the top protocols that have recorded significant TVL bumps in the past week.\u00a0<\/p>\n

Solana ETFs<\/h3>\n

The crypto market is also positive about the approval of spot Solana exchange-traded funds. <\/p>\n

Several issuers have filed for SOL ETFs, and Polymarket traders point to a high chance that approval happens in 2025<\/a>. <\/p>\n

Issuers eyeing the funds tracking SOL price include Bitwise, Canary Capital, VanEck, REX Shares, Grayscale and 21Shares.<\/p>\n

If the nod comes and Solana ETFs attract capital inflows as analysts forecast, then upward price action will follow.<\/p>\n

Notably, Coinglass<\/a> data shows open interest in Solana has jumped by more than 10% in the past 24 hours to over $7.46 billion.<\/p>\n

The post Solana reclaims key support level: will SOL reach $500?<\/a> appeared first on Invezz<\/a><\/p>\n

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(Originally posted on : Invezz ) Solana (SOL) registered notable gains as the broader crypto market flipped positive. SOL price hit highs above $260 with a double digit spike in 24 hours, with this coming amid bullish sentiment around crypto.\u00a0 There have been several potential positive drivers of the fresh momentum in the past 24 […]<\/p>\n","protected":false},"author":13,"featured_media":45877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[38],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/45876"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=45876"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/45876\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/45877"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=45876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=45876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=45876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}