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Solana Surges Ahead of Ethereum with 27% Weekly Gains
Solana, the native token of the Solana blockchain, has outperformed its competitor Ethereum with an impressive 27% weekly gain and a nearly 6% rally on Friday. According to on-chain and technical indicators, Solana is poised for further gains in the coming week.
On-Chain Analysis Supports Gains in Solana
Santiment data shows that Solana’s trade volume spiked on January 19 and has held steady above the 2024 average since then. The open interest in Solana also experienced spikes this week, alongside positive funding rates on most days. These bullish indicators have fueled Solana’s upward momentum.
Key On-Chain Metrics:
- Trade volume spiked on January 19 and remains steady above the 2024 average.
- Open interest in Solana observed spikes this week.
- Positive funding rates on most days this week.
U.S. Spot Solana ETFs May Become a Reality in 2025
Greg Magadini, Director of derivatives at Amberdata, believes that the approval of a Solana ETF in the U.S. is possible in 2025, citing a potential friendly landscape from the SEC. This could lead to a new era of corporate meme coins, similar to the recent launch of TRUMP and MELANIA on the Solana blockchain.
“If we have a more friendly SEC, I could see an easier path for approval. I could see this kind of friendly landscape start a new era of like corporate meme coins.”
Technical Analysis and SOL Price Forecast
Solana currently trades 12% under its all-time high of $295.83, at $262.32. Technical indicators, such as the Relative Strength Index and Moving Average Convergence Divergence, support gains in Solana price. Analysts at Kraken confirm that Solana continues its strong upward momentum and trade above key Exponential Moving Averages.
Key Technical Levels:
- Fair value gap between $222.11 and $236.68.
- 50% Fibonacci retracement level at $230.
- Key support levels at $204.
- Next key targets at $280 and $300.
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