Solana's SOL Rises 1% as Rex Shares and Osprey Fund Launch ETF

On Monday, the cryptocurrency market experienced a general bearish trend, with major cryptocurrencies such as Bitcoin and Ether recording losses. Bitcoin's value decreased by 1.2%, trading below $108k, while Ether struggled to maintain its position above the $2,500 psychological level. However, some cryptocurrencies bucked the trend and recorded gains. SOL, the native coin of Solana, was one of the standout performers, adding 1% to its value and staying above $150. This positive performance was largely attributed to strong fundamentals and technical catalysts.

The primary catalyst behind SOL’s positive performance was the announcement that Rex Shares and Osprey Fund would launch their SOL staking exchange-traded fund (ETF) this week. A spokesperson for the company revealed that the fund, named the REX-Osprey SOL+Staking ETF, would be the first of its kind in the United States. This ETF would provide institutional investors with direct exposure to SOL, along with staking rewards. The launch of this ETF is significant as it could pave the way for more Solana-based ETFs in the future, generating excitement among investors.

Technical indicators for SOL are currently positive, suggesting that the cryptocurrency could rally higher in the short term. SOL is trading at $154 per coin, up 1% in the last 24 hours. The SOL/USD 4-hour chart is bullish and efficient, indicating that the pair has swept liquidity on the downside and could surge higher soon. SOL broke out and closed above the descending trendline over the weekend after testing the $141 level for days. The weekend rally allowed SOL to close above the 50-day Exponential Moving Average (EMA) at $151.48. The Moving Average Convergence Divergence (MACD) lines are firmly within the positive territory, while the Relative Strength Index (RSI) of 64 suggests a bullish bias. If SOL continues with its upward trend, it could rally towards the daily resistance level at $160 in the coming hours. If it successfully closes above this level, SOL could extend its rally to retest the next major resistance level at $184.

Despite the recent bullish performance, SOL is down 47% from the all-time high price of $294 it set earlier this week. With the broader crypto market currently bearish, SOL could face a correction. If that happens, it could extend the decline toward its next support level at $141. However, the market would need to be extremely bearish for SOL to retest the $126 low anytime soon. Bulls have defended the $126 support level, as any drop below this could see SOL dip to $97 for the first time since April.

According to the analyst's forecast, SOL could surge to $180 on the back of the Solana ETF news. This forecast is based on the positive technical indicators and the potential for increased institutional investment in SOL through the new ETF. The launch of the REX-Osprey SOL+Staking ETF is expected to generate significant interest and could drive the price of SOL higher in the coming weeks. However, it is important to note that this is a forecast and the actual price movement of SOL will depend on a variety of factors, including market conditions and investor sentiment.