Solana’s (SOL), after a recent drop, is beginning to show signs of recovery. The price of the asset was $186.51 at one point in this month. It has now recovered to its previous $195 value. SOL is currently up by 0.9% on the daily chart, 1.6% on the weekly chart, 3.4% monthly and 73.5% from February 2024. In spite of the rally, SOL’s asset has fallen by 17.5% on the 14-day charts.
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Solana is a strong contender for ETF Approval odds
The crypto market as a whole continues to perform poorly. In the past 24 hours, global crypto markets have dropped by 1.7%. The cap is now $3.33 trillion. SOL’s recent rally may be due to the increased likelihood of an ETF being approved this year. According to an report Bloomberg ETF Analysts Eric Balchunas, and James Seyffart estimate that Solana’s (SOL), has a 70% probability of ETF approval by 2025.
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SOL ETFs still face significant obstacles, despite their bullish outlook. The cryptocurrency market could be hindered by macroeconomic factors. Federal Reserve still has not announced a rate reduction for 2025. Investor sentiment remains also low.
Can the asset rise to $260?
Ali Martinez, a prominent cryptocurrency expert, believes Solana is holding above $190. Analyst Ali Martinez believes the asset may break through to $225, or even $260. To reach $260 at current prices will result in a 32% increase.
#Solana $SOL It is still holding above $190. A breakout towards $225 and $260 could be possible! pic.twitter.com/4sMtjrJSqt
— Ali (@ali_charts) February 14, 2025
CoinCodex estimates that SOL may rise as high as $215.69 in March. 16. A rally of approximately 10.19% will be required to reach $215.69 at current prices. Platform does not expect SOL to remain above $200. CoinCodex believes SOL’s price will drop to $190 shortly after reaching $215.69.
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SOL could also go higher than expected. Crypto investments may increase if investor confidence and macroeconomic conditions are improving.
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Source: watcher.guru
