Solana Surges 10% to Over $200 After $55 Million Transfer, ETF Approval Speculation Grows

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Solana’s price surged over 10% to exceed $200 following a $55 million SOL transfer by Pump.fun to the Kraken cryptocurrency exchange.

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Solana’s price surged over 10% to exceed $200 following a $55 million SOL transfer by Pump.fun to the Kraken cryptocurrency exchange. The recovery came after the price dipped to $189 around 5:00 p.m. UTC on Jan. 1. Shortly after, at 6:00 p.m. UTC, the price began rising, correlating with the transfer activity.

Pump.fun conducted two significant transactions on Jan. 1. The first, transferring $22.8 million in SOL, occurred at 4:37 p.m. UTC, followed by a $32.7 million transfer at 5:45 p.m. UTC, according to Solscan data. Throughout 2024, Pump.fun has deposited over $303 million worth of SOL to Kraken and sold more than $41 million of these tokens, adding consistent sell pressure to the market.

Speculation around a potential U.S. spot Solana ETF approval has also fueled market optimism. Polymarket data indicates a 76% likelihood of approval before the end of 2025. Analysts suggest that such approval could significantly impact Solana’s price, potentially pushing it toward $400. Major asset managers, including Grayscale, VanEck, 21Shares, Bitwise and Canary Capital, are competing to launch the first U.S. spot Solana ETF.

The U.S. Securities and Exchange Commission (SEC) formally accepted these ETF applications for review in November 2024. Grayscale’s application has a deadline of Jan. 23, 2025, while decisions for other applications are expected by Jan. 25.

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Globally, Brazil approved its first Solana ETF on Aug. 7, 2024, setting a benchmark for other markets. This milestone has contributed to Solana’s growing market appeal, with its price climbing to $230 on Dec. 11 as anticipation around ETF developments increased. Bitwise has set an ambitious $750 price target for SOL, reflecting the strong sentiment in the market.

Alejo Pinto, founder of the Solana layer-2 network Lumio, emphasized the potential market impact of ETF approval in the U.S. “Since it is still very uncertain, an ETF approval in the U.S. would have a positive price impact on Solana since the probability is low and therefore not yet priced in,” Pinto stated.

The combination of Pump.fun’s transactions, market anticipation for ETFs, and global regulatory developments continues to shape Solana’s price movements. Investors remain focused on these factors as the cryptocurrency gains traction in a competitive and rapidly evolving market.

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