Invesco Files for Solana ETF, Approval Likely by July

Invesco and Galaxy filed for a spot Solana ETF named “QSOL” with the U.S. Securities and Exchange Commission, marking the ninth issuer to do so. Key details include:

QSOL aims to provide direct exposure to Solana.
If approved, it will be listed on the Cboe BZX Exchange, with Coinbase Custody managing the assets.
The ETF may stake some SOL to generate rewards, classified as trust income.

This filing follows similar submissions from VanEck, Bitwise, Grayscale, and Canary Capital, all under SEC review. The deadline for decisions is set for October.

Bloomberg analysts estimate a 90% chance of approval for one or more Solana ETFs by July. The prediction market Polymarket reflects a 56% chance by the end of July and 90% by year-end.

The market response was neutral, with SOL trading around $145.6. Analysts suggest ETF approval could spur significant capital inflows and a price rally.

SOL Price Outlook

The RSI stands at 46.22, indicating neutral momentum.
A break above the $150 resistance may lead to a target of $170.
The price is near the mid Bollinger Band at $148.33, acting as immediate resistance.
If SOL drops below $140, it may fall to the $132 support area.
It has been trading in a descending wedge pattern since May 18, suggesting a potential bullish breakout.

SOL price chart with RSI and Bollinger Bands | Source: Trading View