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.
There have been several potential positive drivers of the fresh momentum in the past 24 hours.
It includes the SEC’s establishment of a crypto task force and President Donald Trump’s pardoning of Silk Road founder Ross Ulbricht.
A US court also delivered a verdict on crypto mixer Tornado Cash, overturning sanctions.
Solana price: bulls eye new all-time high
Market data from CoinMarketCap 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.
The launch of Official Trump (TRUMP) and Official Melania (MELANIA) had catalysed the surge in SOL to the new ATH.
A dump for the meme coins amid Trump’s remark of not knowing much about TRUMP and network delays have since impacted volume.
SOL price declined post-inauguration and daily volume, per CMC, was down 36% at the time of writing.
However, analysts remain bullish and see Solana price riding multiple potential upward catalysts to hit a new all-time high.
What could drive SOL price higher?
Broader market gains
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.
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.
TRUMP and MELANIA meme token’s traction may provide further fuel, with network activity likely to explode.
Token listings on Coinbase, Binance and other top exchanges adds to this outlook.
Network growth
Another factor is the growth in total value locked (TVL). Currently, as data on DeFiLlama shows, the total value locked in Solana protocol stands at over $12.1 billion.
That’s 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.
Solana ETFs
The crypto market is also positive about the approval of spot Solana exchange-traded funds.
Several issuers have filed for SOL ETFs, and Polymarket traders point to a high chance that approval happens in 2025.
Issuers eyeing the funds tracking SOL price include Bitwise, Canary Capital, VanEck, REX Shares, Grayscale and 21Shares.
If the nod comes and Solana ETFs attract capital inflows as analysts forecast, then upward price action will follow.
Notably, Coinglass data shows open interest in Solana has jumped by more than 10% in the past 24 hours to over $7.46 billion.
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