Solana Surges 2% to $155 on Staked ETF Launch News

Solana (SOL) has recently shown significant price movements, retesting a crucial resistance level after recovering the $150 mark over the weekend. This surge is largely attributed to the upcoming launch of a Solana-based staked exchange-traded fund (ETF), which has sparked optimism among analysts and investors alike.

On Monday, Solana's price surged to a key resistance level following the announcement of the first-ever Solana staked crypto ETF in the US. Rex Shares is set to launch this ETF on Wednesday, aiming to provide exposure to SOL and staking rewards. The REX-Osprey ETF will track SOL’s performance while generating yield through on-chain staking, marking a new era of yield-generating crypto exposure. This news led to a significant price increase, with Solana climbing to the $160 barrier and resulting in nearly $9 million in short positions being liquidated on Monday afternoon.

Market watcher Daan Crypto Trades noted that while Solana has bounced nicely over the weekend, it has yet to turn the Low Timeframe (LTF) trend around. He emphasized that reclaiming the $159-$167 area is necessary to aim for higher levels. The Daily 200-day Moving Average (MA) and Exponential Moving Average (EMA) are currently located within this range, and Daan expressed a desire to see the price trade back above this level to start targeting the $180-$200 region again. However, he questioned whether a Solana spot ETF-driven rally would be sufficient to fuel the cryptocurrency’s run, given the disappointing launch of Ethereum (ETH) spot ETFs, which only started seeing decent inflows about a year later.

Multiple investment firms, including Grayscale, VanEck, 21Shares, and Bitwise, have filed with the Securities and Exchange Commission (SEC) to launch a spot SOL ETF in the US. Recent reports suggest that these investment products have a high likelihood of being approved in the coming weeks, fueling investors’ expectations of a bullish “Solana Summer.”

Following the ETF-fueled breakout, analyst Hardy noted Solana’s “textbook move, clean breakout, clean retest, and pump,” which could trigger a run toward the $200 barrier. Solana saw a remarkable performance over the weekend, reclaiming the $144-$148 crucial area and breaking past the $150 mark. Hardy highlighted that Solana had broken out of its local downtrend line after reclaiming the $148 resistance and was retesting the breakout zone. He explained that there is “juicy liquidity sitting above, ready to be taken,” adding that Solana needed to hold the $150 support to continue its bullish run toward the next target.

Analyst Crypto Batman considers that Solana is “setting up very nicely” after the $160 retest. He noted that SOL has broken out from a bullish flag pattern that bottomed at the 0.618 Fibonacci level, a clear sign of impulsive strength in the trend. SOL has been trading within the bullish formation since the May breakout, hovering between the $130 and $180 range for nearly two months. Crypto Batman forecasted that a quick retest to close the bullish Fair Value Gap (FVG) and the pattern’s upper boundary, around the $148 area, “could set the stage for the next leg.”

As of the latest update, Solana is trading at $155, reflecting a 2% increase in the daily timeframe. The upcoming launch of the staked ETF and the potential approval of spot SOL ETFs have created a bullish sentiment, with analysts and investors closely monitoring Solana’s performance. The cryptocurrency’s ability to hold key support levels and break through resistance will be crucial in determining its next move toward the $180-$200 region.