Solana (SOL) is showing signs of a recovery after its recent dip. The asset fell to $186.51 earlier this month but has since reclaimed the $195 price level. SOL’s price is up 0.9% in the daily charts, 1.6% in the weekly charts, 3.4% in the monthly charts, and 73.5% since February 2024. Despite the rally, the asset is down by 17.5% in the 14-day chart.
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ETF Approval Odds Pushing Solana
The larger crypto market continues its lackluster performance. The global crypto market cap has dipped 1.7% in the last 24 hours to $3.33 trillion. SOL’s latest rally could be due to increased chances of an ETF approval this year. According to a report by Bloomberg ETF analysts Eric Balchunas and James Seyffart, Solana (SOL) has a 70% chance of ETF approval in 2025.
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Despite the bullish outlook for a SOL ETF, the asset still faces significant barriers. Macroeconomic factors could present an obstacle to the cryptocurrency market. The Federal Reserve has yet to announce an interest rate cut for 2025. Investor sentiment also remains low.
Will The Asset Climb To $260?
According to prominent cryptocurrency analyst, Ali Martinez, Solana (SOL) is holding firmly above $190. The analyst believes that the asset could break out to $225 or $260. Hitting $260 from current price levels will translate to a rally of about 32%.
#Solana $SOL is holding firm above $190, setting the stage for a potential breakout to $225 or $260! pic.twitter.com/4sMtjrJSqt
— Ali (@ali_charts) February 14, 2025
According to CoinCodex, SOL could rise to $215.69 on Mar. 16. Hitting $215.69 from current price levels will entail a rally of about 10.19%. The platform does not anticipate SOL’s price to hold above $200. CoinCodex predicts SOL will dip to the $190 level shortly after hitting $215.69.
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There is also a possibility that SOL will go higher than anticipated. If macroeconomic conditions improve and investor sentiment rises, we may witness a rise in crypto investments.