Solana (SOL) Price: New ETF Records $72 Million in Trading Volume on Day Two

TLDR

• Bitwise Solana Staking ETF generated $72.4 million in trading volume on its second day, exceeding its $56 million debut
• The BSOL fund attracted $69.5 million in first-day inflows and holds nearly $292 million in total assets
• Grayscale and REX Osprey also launched Solana ETFs, adding $4 million and $18 million in volume respectively
• Solana price dropped below $195 after failing to hold above $198, with support levels at $192 and $188
• Over 150 cryptocurrency ETF proposals tracking 35 different digital assets are awaiting SEC approval

The Bitwise Solana Staking ETF continued its strong start on Wednesday with $72.4 million in trading volume. This marked an increase from the fund’s $56 million opening day.

The fund pulled in $69.5 million in first-day inflows according to Farside and SoSoValue data. Total assets under management reached nearly $292 million following the launch.

Grayscale Investments launched its own Solana staking ETF called GSOL on Wednesday. The fund generated approximately $4 million in trading volume.

GSOL previously operated as a closed-end vehicle for about four years before converting to an ETF structure. Balchunas noted that launching just one day behind BSOL makes competition “so much harder” for the Grayscale product.

The REX Osprey SOL Staking ETF also entered the market with ticker SSK. This fund added $18 million in trading volume on Wednesday.

Multiple Crypto ETFs Await Approval

More than 150 cryptocurrency-based exchange-traded product proposals are pending SEC review. These filings track 35 different digital assets.

Bitcoin and Solana lead the list of proposed filings. XRP and Ethereum follow in terms of number of applications.

Many crypto ETF applications were waiting for final SEC approval before the government shutdown started October 1. The SEC issued new guidance after the shutdown explaining how companies can proceed with public offerings.

Companies can now file an S-1 registration without a “delaying amendment.” This change removes a provision that previously prevented offerings from automatically taking effect after 20 days.

Price Action Tests Support Levels

Solana price failed to maintain levels above $198 and entered a correction phase. The token dropped below $195 and is trading under the 100-hour simple moving average.

The price fell below the 23.6% Fibonacci retracement level measured from the $177 low to the $205 high. Bulls are currently defending the $192 support zone.

A declining channel pattern formed on the hourly chart with resistance at $200. The 50% Fibonacci retracement level sits near the $192 zone.

The first major support level appears at $188. A break below this point could push the price toward $184.

On the upside, resistance sits at $198. The next barrier is the $200 level where the declining channel resistance line runs.

A move above $205 could open the path toward $220 and potentially $225. The main resistance zone remains at $205 for any recovery attempt.

The MACD indicator shows bearish momentum on the hourly timeframe. The RSI dropped below the 50 level, indicating weak momentum.

Canary Litecoin ETF and Canary HBR ETF maintained trading volumes around $8 million and $1 million respectively. These figures matched their first-day performance, which Balchunas described as strong since most ETFs see volume drops after launch day hype fades.

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