The post Solana’s (SOL) New Year Price Rally Back Above $200: Why Traders Are Betting Big appeared on BitcoinEthereumNews.com.

Solana (SOL) surged above $200, reaching $205.64 with an 8.48% increase over 24 hours Open interest in SOL futures contracts reached $3.42 billion, with perpetual contracts at $3.4 billion Prediction markets show 76% probability for SOL ETF approval in 2025 under new SEC leadership Nate Geraci, President of ETF Store, predicts Spot Solana ETF approval among other crypto ETF developments in 2025 SOL’s trading volume increased 27% to $3.74 billion, with analysts suggesting potential for $400 price target Solana (SOL) has started 2025 with strong momentum, breaking above the $200 mark on January 2nd. The cryptocurrency reached $205.64, marking an 8.48% increase over the previous 24 hours, with trading volumes surging to $3.74 billion. The price movement coincides with growing interest in SOL futures contracts. Open interest reached $3.42 billion, with perpetual contracts making up $3.4 billion of this total. Futures contracts account for the remaining $15.8 million, showing an 85.59% increase in just 24 hours. SolanaSOL Price Trading activity across major exchanges shows Binance leading the way with $1.7 billion in open interest. Bybit follows with $1.1 billion, while OKX maintains $520.5 million. These figures represent a broader trend of institutional engagement with Solana. On the spot trading front, Binance reported a 6.32% price increase over 24 hours, while Coinbase and Kraken showed similar gains of 6.34% and 6.28% respectively. The SOL/ETH trading pair saw high activity on Binance, with 56.1k pairs traded in the last day. The surge in trading activity comes as prediction markets show increasing confidence in a potential Solana ETF approval. Polymarket data indicates a 76% probability of SOL ETF approval in 2025, up from previous estimates of 50% earlier this month. cc, President of ETF Store, has added weight to these predictions. In his recent market outlook, Geraci forecasted several key developments for 2025,…

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Filed under: News - @ January 2, 2025 4:24 pm