- Solana price breaks above key trendline, hinting at bullish momentum.
- REX Shares files for a Solana staking ETF, which could boost investor interest.
- Technical indicators show upside potential, targeting $160 and possibly $184.
- RSI and MACD suggest a continuation of the bullish trend.
- A rejection could bring SOL back to the $141.41 support zone.
Solana (SOL) has reignited market optimism after breaking above a long-standing descending trendline, sparking a wave of bullish sentiment. The breakout comes just as REX Shares filed for a Solana staking ETF with the U.S. Securities and Exchange Commission (SEC), potentially setting the stage for a major catalyst in SOL’s next leg up.
REX Shares Files for Solana Staking ETF
Over the weekend, REX Shares announced via its official X account that it has filed for the REX-Osprey SOL and Staking ETF, which will track Solana’s performance while generating yield through on-chain staking. The ETF is designed under the ’40 Act structure, which governs mutual and exchange-traded funds.
Bloomberg’s Eric Balchunas, a respected ETF analyst, confirmed the filing and added that REX has resolved previous SEC comments, meaning a launch could be imminent.
“They’re no doubt trying to get it to market ahead of the spot ones,” Balchunas noted, underlining the urgency and competitiveness around crypto ETF launches.
Technical Outlook: SOL Bulls Eye $184
The SOL price currently trades near $151, having decisively closed above its descending trendline last week. On Sunday, SOL managed to hold above its 50-day Exponential Moving Average (EMA) at $151.48—strengthening the bullish bias.
If momentum continues, the next target lies at the $160 resistance level, and a breakout above that could see SOL test the key resistance at $184.13.
Indicators Fuel the Rally
- 📈 RSI (Relative Strength Index): At 52, above neutral, signaling rising buying pressure.
- 📈 MACD (Moving Average Convergence Divergence): Bullish crossover confirmed over the weekend, further supporting a rally.
However, traders should remain cautious of a short-term correction. If bullish momentum weakens, SOL could dip toward $141.41, the nearest support level.
Solana is showing strong signs of recovery, both technically and fundamentally. With ETF buzz surrounding the REX-Osprey SOL fund and momentum indicators pointing north, SOL could be poised for an extended rally—possibly retesting its yearly highs. As the ETF market continues to heat up, Solana might just be the next big crypto to watch.
