Solana (SOL) is back in the spotlight after breaking above a key technical barrier, with its price hovering around $151 as of Monday. This move comes just as REX Shares officially filed for a Solana staking ETF with the US Securities and Exchange Commission (SEC), fueling speculation that a launch could be imminent.
ETF Buzz Lifts Sentiment
The ETF, named REX-Osprey SOL and Staking ETF, aims to track Solana’s performance while generating additional yield through on-chain staking. REX Shares announced on X (formerly Twitter) that the product is “designed to launch soon,” and Bloomberg ETF analyst Eric Balchunas confirmed that REX has addressed the SEC’s comments, suggesting the fund could hit the market ahead of other spot Solana ETFs.
This development follows a wave of ETF applications for Solana, with major players like CoinShares, Grayscale, and VanEck also in the race. The growing interest in Solana-based ETFs is seen as a sign of maturing institutional demand for the blockchain’s ecosystem.
Technical Picture: Bullish Signals Emerge
From a technical perspective, Solana’s recent breakout above its descending trendline marks a potential shift to an upward trend. The price closed above its 50-day Exponential Moving Average (EMA) at $151, a level now acting as short-term support. If bullish momentum continues, SOL could target resistance at $160, with a further move toward $184 if buying pressure persists.
Key technical indicators support this outlook:
• The Relative Strength Index (RSI) stands at 52, above the neutral 50 mark, indicating growing bullish momentum.
• The Moving Average Convergence Divergence (MACD) recently flashed a bullish crossover, reinforcing the buy signal.
However, if the rally stalls, the next support to watch is $141.41.
Market Context and Outlook
Solana’s price action aligns with broader market optimism, as analysts project a potential rally toward $165–$175 in the coming weeks, with some long-term forecasts for 2025 ranging from $200 to $1,000 3 4. The ETF narrative, combined with technical strength, positions Solana as a key asset to watch in the evolving crypto landscape.
