The cryptocurrency Solana (SOL) has faced resistance around the $160 mark but breaking and holding above $200 is seen as crucial for its recovery. Analysts believe that overcoming these resistance levels could lead to SOL retesting its all-time high of $250-$265. During Q4 2024, Solana outperformed both Ethereum and Bitcoin in price performance, fueled by investor interest and momentum in the Solana community. Several firms are seeking approval for a Solana ETF, with decisions expected in late January 2025. While optimism surrounds the potential approval of a Solana ETF, no approval has been granted yet. Market participants are optimistic about the regulatory environment becoming more favorable for crypto ETFs. Crypto analyst Henrik Zeberg has an optimistic outlook for Solana, believing it is in a consolidation phase before continuing its upward trajectory. Long-term SOL holders have shown strong conviction, with an increasing portion of their holdings locked into the network. Solana faces resistance at $219, $246, and its all-time high of $264, while potential support levels are at $175 and the daily 200-day SMA. A report by VanEck predicts that Solana could reach $330 based on its transaction speed and network efficiency. Renowned trader Peter Brandt sets his swing target for Solana at $274, suggesting a potential new all-time high.



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