Solana’s value experienced a notable increase of approximately 10%, surpassing the $200 mark after a $55 million transaction from Pump.fun’s fee account to the Kraken cryptocurrency exchange.
The cryptocurrency rebounded after hitting a low of $189 around 5:00 pm UTC on January 1. The price began its upward movement at approximately 6:00 pm UTC, following the significant transfer of SOL from Pump.fun to Kraken.
According to data from Solscan, Pump.fun initiated two major deposits to Kraken on the same day. The first, valued at $22.8 million, occurred at 4:37 pm UTC, while the second transfer, worth $32.7 million, followed at 5:45 pm UTC.
Throughout 2024, the memecoin launch platform has been a key source of selling pressure for Solana. Insights from Lookonchain reveal that Pump.fun has transferred over $303 million worth of SOL to Kraken and has sold more than $41 million in SOL tokens.
Could SOL Reach $400 in 2025 with a Solana ETF Approval?
Based on historical trends and increasing speculation surrounding the approval of the first U.S. spot Solana exchange-traded fund (ETF), Solana’s price could be poised to reach $400 by 2025.
Investor interest in a spot Solana ETF is on the rise, with Polymarket data indicating a 76% probability of approval by the end of 2025. “An ETF approval in the U.S. would likely have a positive impact on Solana’s price as it remains an uncertain factor and is not fully priced in,” said Alejo Pinto, former IBM blockchain growth lead and founder of Lumio, a Solana layer-2 network.
Several major firms, including VanEck, Grayscale, 21Shares, Bitwise, and Canary Capital, are competing to launch a Solana ETF. Grayscale’s application deadline is January 23, while preliminary decisions for other applicants are expected by January 25, 45 days after the SEC officially began reviewing their submissions in November.
Brazil’s approval of its first Solana ETF on August 7 has set a positive precedent, potentially paving the way for similar decisions in other jurisdictions. The anticipation of a U.S.-based ETF has already influenced Solana’s price trajectory; the cryptocurrency climbed back above $230 on December 11, driven by speculation and Bitwise’s optimistic $750 price target for SOL.
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