DailySun
Year-to-date, SOL has consistently outshined ETH as the cryptocurrency kicks off 2025 with an 8% increase, attracting investor attention towards a potential Solana ETF.
As of January 2, 2025, Solana (SOL) is priced at $205.64, representing an 8.48% rise in the past 24 hours. This spike follows a short consolidation period, demonstrating renewed investor optimism and confidence.
SOL recorded an intraday high of $205.64 and a low of $187.82, indicating a robust recovery driven by increasing demand and positive market sentiment surrounding the anticipated Solana exchange-traded fund.
The open interest in SOL futures contracts has increased to $3.42 billion, driven by intensified investor activity.
Perpetual contracts lead the market with $3.4 billion in open interest, while futures contracts contribute $15.8 million.
In the last 24 hours, perpetual contracts witnessed a 10.67% growth, and futures contracts surged significantly by 85.59%, resulting in a total open interest increase of 10.87%. Among trading platforms, Binance takes the lead with $1.7 billion in open interest, followed by Bybit with $1.1 billion and OKX with $520.5 million.
On Binance, SOL’s value rose by 6.32% within the last 24 hours, seeing a total gain of 6.96% over the past week. Coinbase and Kraken reported similar increases of 6.34% and 6.28%, respectively. In terms of trading volume, Binance leads with 56.1k SOL/ETH pairs traded in the last 24 hours, while Coinbase and Kraken follow with 5.2k and 4.6k, respectively.
The significant rise in SOL’s price and open interest underscores a growing optimism among traders.
The 85.59% increase in open interest for SOL futures contracts indicates a growing number of traders anticipating SOL’s price shifts. Open interest often correlates with vigorous market activity and investor confidence, suggesting expectations of further gains for SOL. The prevalence of perpetual contracts highlights traders actively engaging in SOL’s price fluctuations through tactical short-term trades.
This trend reflects the synergy between escalating speculative behavior and intrinsic interest, both propelling SOL’s strong performance.
Awawat, a trader and angel investor at APG Capital, shared a compelling visual representation of SOL’s current market movements on Twitter.
Recently, SOL’s performance signals increasing investor assurance, with solid support around $0.002156 in the SOL/BTC pair, complemented by a robust consolidation phase indicating stability against BTC.
The breakout in the SOL/ETH pair signifies Solana’s revival as a compelling investment, especially in light of ETH’s slower progress, highlighting its competitive edge within the ecosystem.
SOL and ETH have different technical architectures; SOL utilizes a unique Proof of History alongside Proof of Stake for expedited transactions, whereas Ethereum relies solely on Proof of Stake for scalability. Transaction fees for SOL remain consistently low at approximately $0.00025, unlike ETH’s variable gas fees.
Although ETH boasts a more extensive and established community and ecosystem, SOL, being newer, is rapidly evolving due to its speed and economic advantages, thus appealing to developers engaged in DeFi, NFTs, and gaming. These distinctions affect both the user experience and the application scenarios for each blockchain.
Moreover, speculation regarding a potential SOL ETF approval by July 31, 2025, is gathering momentum, with platforms such as Polymarket indicating rising probabilities for such an outcome, currently sitting at 65%, an increase from 50% earlier in the month.
The combined dynamics of whale accumulation, increasing adoption, and heightened open interest in SOL have collectively driven recent gains. However, potential threats remain, including network stability concerns and regulatory scrutiny, which could influence market sentiment.
