Solana Surges After Staked ETF Announcement, Aiming for $180 Target
Solana (SOL) has retested a key resistance level after recovering above $150. This surge is attributed to the upcoming launch of the first Solana staked ETF in the US by Rex Shares.
Upcoming Solana Staked ETFs
- Solana's price rose, reaching around $160 following the ETF announcement.
- The REX-Osprey ETF will track SOL’s performance and generate yield through staking.
- Nearly $9 million in short positions were liquidated due to this price movement.
Daan Crypto Trades indicated that reclaiming the $159-$167 range is essential for targeting higher levels. The 200-day Moving Average (MA) and Exponential Moving Average (EMA) are also within this range.
Investment firms like Grayscale and Bitwise have filed for spot SOL ETFs, which may be approved soon, enhancing bullish sentiment for Solana. However, market analysts question the actual demand post-launch.
Potential for Another Breakout
- Analyst Hardy noted a “clean breakout” could lead to a rise toward $200.
- Solana reclaimed the $144-$148 area over the weekend, breaking past $150.
- Holding the $150 support is crucial for maintaining bullish momentum.
Crypto Batman highlighted a bullish flag pattern, indicating potential strength in trends. Currently, SOL trades at $155, reflecting a 2% daily increase.
