If there's one coin that's grabbing attention this new year, it's Solana [SOL]. After a tough month-long downtrend from its ATH of $264, HODLers' patience is finally starting to pay off.
Solana [SOL] began 2025 on a high note, surging past $215. This impressive rally had several key factors driving it.
One crucial aspect was the strong bullish momentum. As 2025 kicked off, SOL was trading around $190 with Open Interest (OI) at $4.78 billion. However, by 17 January, it had surged to $215 with OI jumping to $5.85 billion – a remarkable 22.38% rise in just one week.
Another driving force was the rising SOL/BTC price, which signaled that investors were considering SOL a strong competitor in the market. This was further evidenced by a noticeable spike in the trading volume for the SOL/BTC pair.
However, external market trends shifted as Bitcoin approached the $100K mark, causing the SOL/BTC pair to slip back into the red. This had some questioning whether Solana’s recent rally was solely driven by users flocking to the network for speed and higher returns.
Despite the impressive surge, Solana still faced challenges in attracting capital and competing with other assets, making the road to breaking $220 uncertain.
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