Eugene: Re-accumulate SOL, possibly up to $160 or even $200

Morgan Stanley has filed for a Solana (SOL) exchange-traded fund (ETF) alongside a Bitcoin ETF, signaling increased institutional interest in the Solana ecosystem. The proposed ETFs aim to provide regulated exposure to Solana and Bitcoin, with a focus on tracking the underlying assets' performance. This move aligns with broader market trends of increased demand for crypto investment vehicles.

Solana's price has risen above $137 as spot ETF demand accelerates. Institutional demand for Solana has grown since its launch in October 2025, with spot Solana ETFs recording $16.24 million in inflows on Monday. Total net assets for these funds have surpassed $1 billion this week.

On-chain metrics also indicate a bullish outlook for Solana. Spot and futures markets show large whale orders, and DefiLlama data indicates a recovery in the stablecoin supply on Solana, currently at $15.32 billion. This increase in activity supports a potential price rally for SOL.

Why Did This Happen?

Morgan Stanley's filing for the Solana ETF follows an uptick in investor demand for regulated crypto investment vehicles, particularly driven by the new year's "clean-slate" effect. The firm aims to offer passive investment options tied to Solana and Bitcoin.

The filing includes plans to stake the underlying Solana tokens, with rewards expected to contribute to the fund's net asset value. Morgan Stanley will utilize third-party custodians to hold the Solana assets, ensuring institutional-grade security.

The new year has seen a shift in investor sentiment. Spot Solana ETFs have recorded 20 days of successive inflows, totaling $16.8 million, according to Farside Investors. Analysts attribute this to a "rebalancing phase" driven by geopolitical risk and liquidity positioning.

How Did Markets React?

Solana's market performance reflects this institutional interest. The Solana stablecoin market cap surged by $900 million in 24 hours, reaching $15.3 billion. The dominance of USDC, which accounts for over 67% of the stablecoin market on Solana, highlights the platform's growing role in decentralized finance (DeFi).

Upexi, a digital asset treasury company focused on Solana, has increased its holdings to 2,174,583 SOL as of January 5, 2026. The firm is implementing a high-yield treasury strategy to enhance returns from its Solana assets.

DeFi Development Corp. (DFDV) announced that Mooncake has selected its dfdvSOL liquid staking token to power a 10xSOL leveraged market. This upgrade allows leveraged token holders to gain exposure to Solana through a yield-bearing, validator-backed asset.

What Are Analysts Watching Next?

Analysts are closely monitoring the impact of the new year's "clean-slate effect" on the crypto market. Matrixport noted that positioning has become leaner, and speculative excess has been flushed out of the market. This environment could allow Bitcoin and other cryptocurrencies to follow a natural upward trajectory.

The launch of the SKR token by Solana Mobile on January 21 is another key event. SKR will be distributed through airdrops and token generation events. The token aims to drive engagement with the Solana ecosystem, particularly through the Seeker phone, which has already processed 9 million transactions.

Real-world asset (RWA) tokenization on Solana is also gaining momentum. Tokenized RWAs on Solana increased nearly 10% in December, reaching a record high of $873.3 million. This growth is driven by institutional tokenization of US Treasuries and stocks, such as the BlackRock USD Institutional Digital Liquidity Fund and the Ondo US Dollar Yield.

Solana's price could see further gains if the market continues to absorb supply and institutional buyers remain active. On-chain data and stablecoin activity support a bullish outlook, with technical indicators suggesting potential for a rally toward $150.61, the 100-day EMA level.

The launch of Morgan Stanley's Solana ETF could bring new inflows from the firm's 19 million wealth management clients. If approved, the fund would provide a new avenue for institutional and retail investors to access the Solana market.

The expanding stablecoin supply and RWA activity indicate that institutional buyers are absorbing supply and supporting a near-term rebound. This trend could provide further momentum for Solana's price movement.