Solana price surged by another 5.6% as it reached $271 on Wednesday bringing its 10-day timeframe gains above. Market reports suggest the latest rally is linking to CME group listing SOL on the world’s largest derivatives exchange.
Solana Price Crosses $270 Threshold as Bloomberg Analysts Confirm SOL Futures Launch by CME Group
Solana (SOL) surged past $270 on Wednesday, marking a 5.6% gain, bringing its 10-day rally to impressive heights.
The recent momentum is closely tied to CME Group’s announcement of upcoming futures contracts for Solana and XRP, slated for launch on February 10, pending regulatory approval.
Solana Price Action after Bloomberg analysts confirmed XRP and SOL futures launch by CME Group, January 22, 2025.
Bloomberg analyst Eric Balchunas confirmed the development, emphasizing its potential to drive institutional interest in Solana. Balchunas also noted that a Solana futures ETF could debut by mid-March, further legitimizing SOL as a key player in the crypto market.
Market observers believe this move could enhance liquidity and solidify Solana’s position among institutional investors.
CME Group’s decision to list Solana and XRP futures is being hailed as a game-changer for the crypto derivatives market.
The world’s largest derivatives exchange is expected to provide a regulated framework for institutional traders to gain exposure to Solana, potentially accelerating its path toward a $300 price target.
With SOL price already climbing above $271, analysts are optimistic about further upside, especially as the futures launch date nears. Increased trading volume and broader market optimism surrounding institutional adoption could prolong Solana’s bullish trajectory in the weeks ahead.
Solana Price Forecast: $300 Breakout Ahead if $275 Resistance Caves
Solana price forecast charts paints an optimistic outlook, having rallied 47.78% over the past nine days, recently peaking at $271.
The chart highlights a narrowing Keltner Channel (KC) with the upper boundary at $269.79.
A breakout above this level could target the psychological $300 resistance. However, bearish pressure may strengthen if SOL remains capped below $275.
Solana price forecast | SOLUSD
The MACD indicator is trending bullish, with the blue line above the signal line, accompanied by expanding green histograms. This reflects strong momentum, which aligns with the 5.6% gain observed in the last session.
However, the histogram’s narrowing height could signal waning momentum, leaving room for sellers to regain control.
In a bullish scenario, clearing $275 resistance would confirm continuation, pushing SOL towards $300 as bullish sentiment builds.
Conversely, a bearish breakdown below $250 could send SOL into a corrective phase, testing $221.64, the Keltner Channel’s midline, as immediate support.
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