Solana (SOL) Eyes $600 as Ecosystem Updates and Anticipated ETF Approval Drive Momentum

SOL rose by 27.56% last week, hitting a new all-time high (ATH) of $294. Two main reasons for this are the optimism around the potential SOL exchange-traded fund (ETF) launch and enormous trading volumes of Donald Trump's official token, TRUMP.

Solana (SOL) price skyrocketed by 27.56% last week, hitting a new all-time high (ATH) of $294. Several factors contributed to this surge, including optimism around the potential SOL exchange-traded fund (ETF) launch and the enormous trading volumes of Donald Trump’s official token, TRUMP.

On top of that, Solana recently integrated Ethereum’s Solidity language through Hyperledger Solang, expanding the pool of developers who can contribute to the Solana ecosystem.

These factors have led some analysts to speculate that SOL might hit $615 soon.

Meanwhile, a new project called PlutoChain ($PLUTO) is aiming to introduce smart contracts on Bitcoin, which could allow developers to build complex decentralized applications (dApps) on top of Bitcoin’s reliable infrastructure.

With PlutoChain’s Layer-2 testnet already processing 43,200 transactions daily, it could take a significant load off the Bitcoin mainnet.

Let’s take a closer look at these developments and how they might impact the crypto market.

Solana Eyes $600 as Ecosystem Updates and Anticipated ETF Approval Drive Momentum

SOL currently trades at $237.69, 19% below its ATH of $294.33 recorded on January 19. This surge coincides with the launch of Trump’s official token on Solana, which reached a $13 billion market cap on its first day on exchanges.

As users actively traded the token, the demand for SOL grew, which helped it break the record.

Solana’s ecosystem updates and the much-anticipated SOL ETF approval also spark excitement. Polymarket bettors estimate a 85% chance of the SEC approving a SOL ETF in 2025, especially now that Gary Gensler stepped down and the regulatory body might get pro-crypto leadership.

Analyst Kelvin predicts SOL would reach $600 based on the Stochastic RSI indicator. Similarly, Lark Davis sees the possibility of SOL hitting $600 in 2025 as very high given its ecosystem growth.

The 10-day and 200-day simple moving averages being below the current price support this prediction. As evident from the golden cross pattern, SOL has also been gaining momentum lately compared to its long-term trend.

However, SOL must first break immediate resistance at $241, which would send it to the next resistance level of $250. The first support is now at $232, and the second at $212.