Solana (SOL) Price: Bulls Push SOL Above $200 as First Staking ETF Launches on NYSE

TLDR

• Bitwise will launch the first Solana staking ETF (BSOL) on the New York Stock Exchange on Tuesday
• Solana price recovered to $205 after a 6.2% weekly gain, liquidating $47 million in short positions
• Grayscale plans to launch its Solana Trust ETF on Wednesday, with other firms also debuting crypto ETFs
• The REX-Osprey Solana + Staking ETF now holds over $400 million in assets
• Analysts predict SOL could test resistance levels between $230 and $290 if it breaks above $205

Bitwise announced its Solana Staking ETF will begin trading on the New York Stock Exchange on Tuesday under the ticker BSOL. The firm describes it as the first exchange-traded product offering 100% direct exposure to spot SOL.

The launch happens during a U.S. government shutdown that has left the SEC operating with limited staff. However, new guidance allows firms to file registration statements that become effective after 20 days without the standard delaying amendment.

Grayscale plans to launch its Solana Trust ETF on Wednesday. Canary Capital also intends to list its Litecoin ETF and HBAR ETF on Nasdaq on Tuesday.

Solana currently ranks as the sixth-largest cryptocurrency by market capitalization. Kristin Smith from the Solana Policy Institute said the ETF launch shows recognition of Solana’s role in the digital economy.

Price Movement and Liquidations

Solana’s price climbed from $174 on October 22 to a daily high of $205. This 6.2% weekly gain caught short traders off guard.

The recovery led to liquidations totaling $47 million in short positions. The price action formed an ascending channel that started in May.

Every major dip has found support near the lower boundary of this channel. Price rallies have tested the upper trendline repeatedly.

SOL is now consolidating near the $190 to $200 range. Traders view this as mid-channel support.

Institutional Interest and Network Activity

The REX-Osprey Solana + Staking ETF now controls over $400 million in assets. Fidelity recently added custody and trading support for SOL.

Capital inflows have slowed compared to earlier in October. New inflows reached $29.4 million, down from a record $706.5 million in early October.

Stablecoin activity on the Solana network continues to rise. The network completed the Alpenglow upgrade successfully.

On-chain data shows sellers taking profits near the daily high. This has caused a slight increase in volatility.

Buyers are working to defend the $200 level and turn it into support. Breaking resistance at $205 would open the path toward $210 and $215.

Analysts set a major target range between $275 and $290 for bulls. Reaching this level requires a confirmed break above $205.

One analyst projects that a weekly close above $280 could trigger a rally toward $400. The cryptocurrency is holding a three-year support trendline.

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