Solana targets ATH as SOL ETF winning streak continues

The price of Solana remains below a crucial resistance level as a recently launched staking exchange-traded fund continues its inflow streak and transaction growth accelerates. 

Staked SOL ETF inflows are rising

Solana (SOL) is trading near $193 — off its recent $210 high but still more than double its 2024 low — as surging demand for a new Solana ETF underscores growing investor appetite for the token.

Its 24-hour volume jumped to $3.6 billion.

Data compiled by ETF.com shows that demand for the recently launched REX-Osprey SOL + Staking ETF, whose ticker symbol is SSK, had net inflows of over $25.8 million last week, higher than the previous week’s $3.5 million. 

SSK has had inflows in the last seven consecutive weeks, bringing the total to $164 million. It now holds over $183 million in assets, making it one of the top altcoin ETFs. 

The ongoing SSK ETF inflows signals that there is strong demand from American investors. It is also a sign that these participants will be ready to invest in the spot SOL ETFs when the SEC approves them later this year as Polymarket traders expect. 

SSK will differ from staked ETFs because it allows investors to benefit from Solana’s price movement and its staking inflows. StakingRewards data shows that Solana’s staking yield has jumped to 7.52%.

Meanwhile, Solana’s network is doing well. The supply of stablecoins on Solana has increased by 6.2% over the last 30 days to exceed $11.6 billion. The adjusted transaction volume has jumped by 6% to $186 billion.

Solana’s transactions has continued growing, making it the most active chains in the crypto industry. Its monthly transactions jumped by 31% to 2.44 billion, while the number of active addresses rose to over 90 million. 

Solana price technical analysis

The daily chart shows that the SOL price has been in a strong uptrend in the past few months. It has moved from a low of $95.42 in April to the current $193.

Solana has formed an ascending channel and is slightly below its upper side. It also formed a golden cross pattern as the 50-day and 200-day moving averages crossed each other. 

Therefore, Solana’s price will likely continue rising, with the initial target being at $210. A move above that level will point to more gains, potentially to the all-time high of $295.