Solana's price experienced a substantial surge of over 10%, recovering from a dip to around $189 following a significant $55 million transfer from Pump.fun to Kraken. The transfer consisted of two deposits made on January 1, totaling $55 million worth of SOL, contributing to substantial sell pressure during 2024. Data indicates that Pump.fun has deposited more than $303 million worth of SOL to Kraken and sold over $41 million worth to date. Despite challenges, investor sentiment is bolstered by growing anticipation surrounding the potential approval of a spot Solana ETF in the U.S., which currently has a probability of 76%. This optimism is rooted in the possibility that approval could positively impact Solana's price, as it is not yet fully factored into market expectations. The deadline for Grayscale’s Solana ETF application is January 23, with preliminary decisions expected by January 25. The overall outlook for Solana remains cautiously optimistic amidst these developments, bolstered by hopeful projections for the ETF approval in 2025.

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