Despite its efforts to rise to the top, Solana (SOL) keeps lagging behind. The altcoin managed to surge all the way to a new high of $294.33. But SOL is currently 19% below this price level. The community is heavily betting on the asset’s rise to $300 but SOL continues to struggle. While February is bringing in new gains for an array of cryptocurrencies, SOL investors are hoping to see Solana on the list.

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Solana’s Slow Recovery

The Solana market was making headlines earlier today. Prominent cryptocurrency exchange Coinbase revealed that it would soon roll out cash-settled SOL futures contracts on its derivatives platform. The firm filed an application with the Commodity Futures Trading Commission (CFTC) seeking a green signal. If accepted, the Solana futures contract size would be 100 SOL, which is presently valued at around $24,000. In addition, it would provide five SOL with “nano” Solana contracts.

During press time, the altcoin was trading at $238.14 following a dainty spike of 0.18% over the past 24 hours. Meanwhile, the volume of the network recorded a massive downfall. Over the past day, the trading volume of SOL dropped by 41% bringing the final value to $3.7 billion.

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Will The Altcoin Surge During The First Week Of February?

Data from CoinCodex reveals that SOL will start the week in a downtrend but the asset will soon pick up pace. According to the firm, the asset will trade at $242.13 on February 5, 2025. This marks a 1.88% spike from its current price level. Even though this isn’t a massive uptick, it is still notably high considering its recent price levels.

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Coinbase’s addition of the asset during the second part of the month could push its price. The community will have to wait till mid-February to witness increased growth.