Volatility Shares Launches Solana Futures ETFs on Wall Street
Volatility Shares LLC is launching two ETFs linked to Solana futures, with trading commencing today. This marks the first opportunity for traditional finance investors to access specialized ETF products for the five largest cryptocurrencies by market cap.
The CME Group launched Solana futures on Monday. Volatility Shares' Solana ETF will track these futures, while the 2X Solana ETF (ticker: SOLT) offers double leveraged exposure. Analyst Eric Balchunas noted that these are the first-ever Solana ETFs in the US.
Initial interest in Solana futures appears modest, with daily trading volumes around $12.3 million. This is significantly lower than the launch volumes of Bitcoin and Ethereum futures. Research firm K33 states that the lower volume aligns with Solana's market cap compared to Bitcoin and Ethereum at their launches.
Solana Price Overview
Solana is currently priced at $131.6, down over 50% from its all-time high in January. Factors contributing to this decline include decreased enthusiasm in memecoins. Recently, Solana's price increased by more than 6%, influenced by the crypto market's response to the Federal Reserve's decision to maintain interest rates and reduce bond runoff from $25 billion to $5 billion monthly starting in April.
Technically, the SOL price is nearing the 0.5 Fibonacci retracement level at $133, which coincides with the 100-day Exponential Moving Average at $133.65. A close above these levels may suggest bullish momentum, potentially leading toward the 0.618 Fibonacci retracement at $166.7, near the 50-day EMA. Traders are also eyeing the mid-January ATH near $296 as a long-term target.
