Solana Summer Loading? SOL Eyes $180 Following Staked ETF-Fueled Breakout

Rubmar Garcia

9 hours ago

3 mins read

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Solana (SOL) has retested a crucial resistance level after recovering the $150 level over the weekend. The surge, fueled by the upcoming launch of a SOL-based staked exchange-traded fund (ETF), has led some analysts to forecast a rally toward the next key target.

Solana Staked ETFs Coming On Wednesday

On Monday, Solana’s price soared to a key resistance level following the introduction of “the first-ever Solana staked crypto ETF in the US.” Rex Shares announced it will launch a Solana-based staked ETF this Wednesday, aiming to offer exposure to SOL and staking rewards.

According to the X post, the REX-Osprey ETF will track SOL’s performance while “generating yield through on-chain staking,” starting a “new era of yield-generating crypto exposure.” As a result, Solana climbed to the $160 barrier, which led to nearly $9 million in short positions liquidated on Monday afternoon.

Market Watcher Daan Crypto Trades considers Solana “bounced nicely over the weekend” but has yet to turn the Low Timeframe (LTF) trend around. He explained that reclaiming the $159-$167 area is necessary to aim for higher levels.

Additionally, the Daily 200-day Moving Average (MA) and Exponential Moving Average (EMA) are currently located within this range. “I would want to see price trade back above that to start targeting the $180-$200 region again,” he detailed.

Nonetheless, the trader questioned whether a Solana spot ETF-driven rally will fuel the cryptocurrency’s run. Notably, 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.

According to recent reports, the investment products have a “high likelihood” of being approved in the coming weeks, which has seemingly fueled investors’ expectations of a bullish “Solana Summer.”

“The big question is how much demand there will be,” Daan asserted, noting that Ethereum (ETH) sport ETFs, approved in July 2024, had a disappointing launch and “only started seeing decent inflows about a year later.”

SOL Ready For Another Breakout?

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. Notably, the cryptocurrency saw a remarkable performance over the weekend, reclaiming the $144-$148 crucial area and breaking past the $150 mark.

Amid this performance, the analyst 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.

Meanwhile, analyst Crypto Batman considers that Solana is “setting up very nicely” after the $160 retest. Per the post, “It 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.”

It’s worth noting that SOL has been trading within the bullish formation since the May breakout, hovering between the $130 and $180 range for nearly two months. The analyst 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 this writing, Solana is trading at $155, a 2% increase in the daily timeframe.

Solana, SOL, SOLUSDT — Solana’s performance in the one-week chart. Source: SOLUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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