Solana Surges 20% as First Staking ETF Approved by SEC

Solana (SOL) is experiencing a surge in momentum as the first-ever Solana staking ETF, the REX-Osprey Solana and Staking ETF (SSK), is set to launch. This development marks a significant milestone for the cryptocurrency, as it opens the door to institutional investment and increased exposure. The ETF, which will track the performance of Solana while generating yield through on-chain staking, is expected to go live on Wednesday. This approval by the U.S. Securities and Exchange Commission (SEC) has caught many by surprise, with Polymarket bettors assigning a 53% probability to this wager by June 27.

According to an expert, this approval could pave the way for more crypto-linked products awaiting the SEC’s nod to be listed. The REX-Osprey Solana and Staking ETF (SSK) has an expense ratio of 0.75%, and Solana’s staking annual percentage yield (APY) currently sits at around 7%, depending on the platform used.

Looking at the daily chart, Solana (SOL) has broken its descending price channel following the easing of tensions in the Middle East due to a cease-fire between Iran and Israel. The price has climbed back above the $140 level and is currently finding support at the 9-day and 21-day exponential moving averages (EMAs). These indicators are poised to make a bullish crossover, which typically anticipates an upcoming surge in the near term. The price is also tagging the upper bound of its former descending price channel and could bounce from here if this turns out to be a successful retest. If this happens, it would favor a bullish Solana price prediction, potentially pushing the token to retest its nearest resistance at $185.

The long-term prospects for Solana have improved with the approval of this ETF. As regulatory hurdles are cleared and mainstream adoption accelerates, it is entirely possible to see Solana reaching $500 in the long term. This development could serve as a catalyst for a significant price increase, making Solana an attractive investment opportunity.