Solana's SOL surges 20% to $150 on ETF launch

Solana’s SOL cryptocurrency experienced a significant rebound on Wednesday, driven by the launch of the REX-Osprey Solana + Staking ETF. This ETF began trading and recorded a substantial trading volume of $33 million on its debut day, indicating strong interest from investors. The ETF is regulated under the Investment Company Act of 1940 and uses Anchorage as its custodian, further bolstering its credibility and appeal to institutional investors.

The launch of the ETF has been a major catalyst for SOL’s recent rally, with the cryptocurrency surpassing the $150 psychological mark. This surge in price is backed by strong fundamentals and analysts' expectations of a volatile July. The high trading volume of the ETF suggests growing interest from Wall Street, with institutional interest in Solana funds continuing to increase. This institutional backing is a strong sign that big players are actively positioning themselves in the Solana ecosystem.

Technical indicators also suggest that SOL is poised for further gains. The SOL/USD 4-hour chart, while currently bearish, shows signs of a potential rally. The Relative Strength Index (RSI) of 60 indicates that selling pressure has eased, with buyers increasingly taking control of the market. The Moving Average Convergence Divergence (MACD) lines are within positive territory, further supporting a bullish bias. If the rally continues, SOL could target the Transactional Liquidity (TLQ) level at $162 in the near term, with the next major resistance level at $174, its highest price since May 29.

SOL is currently trading around the $150 zone, with the support line suggesting that these levels could serve as a base for further gains. In the medium term, key resistance levels to watch include $220 and $300. However, if the bearish trend resumes, SOL could retest the weekend low of $137, with further downside potential to the $125 support level and the next key support around $99. Despite the current bearish trend on higher timeframes, the overall outlook for SOL remains positive, with the potential for significant gains in the coming weeks.