Traders’ anticipation of a SOL ETF approval and a $750 price target from Bitwise are fueling traders’ optimism in Solana.
Solana’s native token, SOL (SOL), has surged 13% from the local bottom of $203.30 on Dec. 10, reclaiming the $230 level. This recent price action has opened the door for further upside, as indicated by both derivatives and onchain metrics. Market participants are now questioning whether the correction is over and what catalysts could drive the price to $260 and beyond.
SOL was one of the few tokens to achieve a new all-time high in 2024, reaching $264.50 on Nov. 22. However, the momentum could not be sustained, with SOL underperforming as the broader altcoin market cap rose 18% since Nov. 22, while SOL price fell 12%.
SOL/USD (blue) vs. altcoin market cap (green), USD. Source: TradingView / Cointelegraph
