Cryptonews Price Analysis

Solana Price Eyes $200 Milestone in 2025 as Momentum Builds: Upward Trend

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Arslan Butt

Crypto Writer

Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated:

April 12, 2025 07:02 EDT

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Solana (SOL) is surging, gaining 6.12% in the past 24 hours to trade at $124 on April 12, 2025. With daily trading volume exceeding $4 billion, momentum is building across technical and fundamental fronts.

A key catalyst behind the rally is growing speculation over a potential Solana spot ETF. The appointment of former SEC commissioner Paul Atkins—widely viewed as crypto-friendly—as the new chair of the U.S. Securities and Exchange Commission has reignited market hopes for altcoin ETF approvals.

According to Polymarket data, the probability of a Solana ETF approval by 2025 has jumped to 76%, up from 65% earlier this year. Asset managers including Grayscale, VanEck, 21Shares, Bitwise, and Canary Capital have all submitted applications.

Key Drivers:

ETF approval could unlock institutional inflows and deepen liquidity
ETF approval odds jump from 65% to 76%
SEC Chair Paul Atkins seen as pro-crypto

ETF Buzz Puts Solana in the Spotlight

One of the biggest factors behind Solana’s surge is growing chatter around the possible approval of a Solana spot ETF. That speculation picked up steam after Paul Atkins—a former SEC commissioner known for his pro-crypto views—was appointed as the new chair of the U.S. SEC.

His appointment has markets hopeful that altcoin ETFs, including one for Solana, could soon get the green light.

According to Polymarket, the odds of a Solana ETF being approved by 2025 have climbed to 76%, up from 65% earlier this year. Major players like Grayscale, VanEck, 21Shares, Bitwise, and Canary Capital have already submitted ETF applications.

If approved, it could unlock a wave of institutional money and bring more liquidity into the Solana ecosystem.

Key takeaways:

Speculation around Solana ETF approval is driving bullish sentiment.
Paul Atkins’ SEC appointment fuels optimism for broader altcoin ETF support.
An ETF could open the door for institutional investment and deeper liquidity.

Short Squeeze Adds Fuel to the Fire

Another key reason behind Solana’s price pop? A major short squeeze in the crypto derivatives market.

In the last 24 hours alone, over $226 million worth of crypto positions were liquidated—$152.4 million of which came from shorts. Solana saw $9.3 million in short liquidations, compared to just $2.1 million from longs.

When short sellers get squeezed, they’re forced to buy back their positions to cover losses—creating more buying pressure and adding fuel to the rally. That’s exactly what we’re seeing now as sentiment flips and shorts scramble to unwind.

In numbers:

$226M+ in total liquidations in 24 hours; $152.4M from short positions.
SOL short liquidations hit $9.3M, dwarfing long liquidations.
Buybacks from shorts helped accelerate the price surge.

Whale Sell-Off Creates Volatility, But Sentiment Holds

Not everything has been smooth sailing. A recent whale transaction added some pressure to Solana’s price. Blockchain tracker Lookonchain reported that an anonymous wallet dumped 274,188 SOL—worth roughly $29.64 million—at a loss of $11 million.

Despite this large sale, overall sentiment stayed positive. SOL is still up over 9% from the previous day, trading around $119.87 at the time of the report.

Solana (SOL/USD) Technical Analysis – April 12

Solana has broken out of a descending channel and reclaimed the key $120 support level. The price has moved above the 50 EMA (around $116), and RSI is currently at 64—showing strong momentum, though creeping toward overbought territory.

Key levels to watch:

Resistance: $129 → $136 → $145
Support: $120 → $115 → $112

A daily close above $129 would confirm further upside and potentially open the path to $145. But keep an eye on near-term consolidation if overbought signals emerge.

Best Wallet ($BEST): Presale Surges Past $11.6M as Launch Nears

Best Wallet ($BEST) is quickly emerging as one of the most promising crypto apps of 2025—offering users a secure, streamlined platform to manage digital assets with ease. With support for over 1,000 tokens and integrated Fireblocks MPC-CMP security, it’s designed for both beginners and seasoned traders alike.

Now available on Google Play and the App Store, Best Wallet combines functionality with innovation. Its standout “Upcoming Tokens” feature gives users exclusive early access to presale opportunities—allowing them to invest in high-upside projects before they go public.

The ongoing $BEST token presale is gaining momentum, with over $11.65 million raised so far. Each token is currently priced at $0.0247, and the countdown is on before the next price increase.

The presale has already seen 193 million $BEST tokens staked, a sign of strong community trust and long-term commitment.