🚀 Solana’s First Staking ETF Launch Hits $33M — Surpasses XRP Futures
Rex Shares launched Solana's first staking ETF on Wednesday, a big milestone for the network.
SSK ETF outperformed XRP futures with $33 million in trading volume and $12 million in inflows on launch.
After rising almost 4% Wednesday, Solana prices rise again Thursday.
Solana (SOL) price rises beyond $154 on Thursday after a 4% spike the day before. The network's first US staking Exchange Trade Fund (ETF) launched successfully, supporting the rise. On Wednesday, Rex Shares launched the Solana Staking ETF (SSK), which had $33 million in trading activity and $12 million in inflows on its first day. Strong demand helped SSK exceed Ripple (XRP) futures, boosting SOL's institutional attractiveness and optimistic sentiment.
Solana launches first US-listed ETF.
Solana's first staking ETF, SSK by REX Shares, launched on Cboe on Wednesday.
Bloomberg Senior ETF Analyst Eric Balchunas reported $33 million in trading activity for SSK on its launch.
“Again, blows away, the Solana futures ETF and XRP futures ETFs (or the avg ETF launch), but much lower than the Bitcoin and Ether spot ETFs,” Balchunas said on X.
The successful launch and rising demand for SOL's SSK project bode well for its native token, SOL.
Anchorage Digital holds the underlying digital asset for this staking ETF, unlike the 12 US Bitcoin spot ETFs, which require fund issuers to do so.
Solana's technical forecast suggests a rise.
Solana price broke out and closed above the falling trendline (made by connecting numerous highs from May 24) on Saturday, surging to $151.48 the following day. It fell 5.12% on Tuesday but rallied the following day after retesting its declining trendline. As of Thursday, it trades higher at $153.41.
SOL might reach $160, its daily resistance level, if it keeps rising. A closure above this level might extend advances to $184.13, its next daily barrier.
If SOL corrects, it might fall below $141.41, its next support level.
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