Why Is Solana (SOL) Price Up 12% Today?

Bhushan Akolkar
January 18, 2025
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Why Is Solana (SOL) Price Going Up 12% Today?

Highlights

  • Solana price jumped 37% in the last 5 days with analysts giving over $400 targets.
  • Ali Martinez identifies a cup-and-handle breakout, projecting a potential price target of $4,700.
  • The TRUMP meme coin, launched on Solana today saw a 500% price increase.
  • The Solana ETF landscape continues to expand with latest ProShares filing.

While the rest of the altcoin market is facing strong selling pressure, Solana price has surged another 10% amid fresh filings for Solana ETFs and the launch of the Solana meme coin TRUMP that has stormed the crypto market today. Also, the daily trading volume for SOL has also jumped by a strong 92% moving past $12.2 billion.

Advertisement
Advertisement

Bullish Solana Price Breakout Sets Stage for 1900% Rally

In the last five days, Solana price has gained 37% surging from the lows of $170 al the way to now at $244. After weeks of consolidation, market analysts believe that SOL could be heading up for a major surge ahead.

Crypto analyst Captain Faibik has forecasted a strong upward trajectory for Solana (SOL), suggesting that the cryptocurrency is gearing up for another bullish rally. In a post on X, Faibik shared an optimistic midterm price target of $444 for SOL, highlighting the increasing momentum within the asset.

Source: Captain Faibik

On the other hand, crypto analyst Ali Martinez has identified a significant technical breakout for Solana a cup-and-handle pattern. In his post on the X platform, Martinez projects a Solana price target of $4,700 based on the technical charts. This means a massive 20x gain from the current levels at which SOL is trading.

Why Is Solana (SOL) Price Going Up 12% Today?
Source: Ali Martinez

As of press time, the SOL price is trading 12.2% up at $243 with a market cap of $117 billion and a 92% jump in the daily trading volume going above $12.75 billion. As per the Coinglass data, the Solana open interest has surged 23% to $8.33 billion. Also, the 24-hour liquidations have surged to $27 million with over $17.42 million in short liquidation. Speaking on today’s development, popular crypto analyst Michael van de Poppe said:

“Lots of strength on the SOL markets as the TRUMP meme coin is sucking up the liquidity. Once that rotates, the other Altcoins will continue their own momentum”.

Advertisement
Advertisement

Solana Meme Coin TRUMP Goes Live

Earlier today, Solana meme coin TRUMP went live following an official announcement from President-elect Donald Trump. The news comes just two days before the Trump inauguration on January 20.

As per CoinGeckco data, meme coin TRUMP price is up 500% and is currently trading at $23.9 with its market cap soaring closer to $5 billion. This already makes TRUMP the largest Solana meme coin beating the likes of BONK, WIF, and PENGU.

Furthermore, crazy whale activity has been recorded around the official TRUMP token. Two major cryptocurrency whales have made significant moves to acquire TRUMP tokens.

  • Whale “Fpj236…uVJr” withdrew 61,205 SOL, valued at approximately $14.3 million, from OKX to purchase 1.27 million TRUMP tokens at an average price of $11.25.
  • Whale “GiQtBS…ZFVx” spent 8.5 million USDC to buy 1.03 million TRUMP tokens at an average price of $8.28.

This is another reason behind the surge in Solana price today as the overall network activity has surged cause of the TRUMP coin launch. Furthermore, previous reports suggested that President Trump might consider Solana as part of US reserves along with other America-first coins.

Advertisement
Advertisement

SOL ETF Filings Continue

Filings for Solana ETF continue to be on the rise. Recently, asset manager ProShares filed for a Solana Futures ETF, which could serve as a prerequisite for future filings to spot ETF. Volatility Shares submitted a similar filing last month in December.

The development is noteworthy as Solana futures are not yet available on the CME. Bloomberg ETF strategist James Seyyfart questioned whether the Coinbase SOL futures market has sufficient size and liquidity to support such ETFs.

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.