💤 Solana Sleeps Through ETF News — Can Bulls Snap Out of It?

Solana rises on Tuesday after a weak week.

Galaxy Digital stakes $63 million in SOL as the SEC considers eight Solana ETF applications.

SOL Open Interest drops as long liquidations rise, signaling pessimism.

Solana (SOL) rises over $150 over 1% at press time on Tuesday, indicating a modest rebound. The token price may rise again when Coinshares applies for an S-1 application for Solana Exchange Traded Funds (ETFs) and Galaxy Digital increases its staked SOL holdings by $63 million.

Bloomberg ETF analysts Eric Balchunas and James Seyffart noted the 90% chance of Solana ETF certification in an X post on Wednesday. CoinShares became the ninth issuer to submit an S-1 application for the SOL ETF on Friday amid heightened possibilities.

Grayscale, VanEck, 21Shares, Canary, Bitwise, Franklin, and Fidelity applied for S-1. The betting euphoria might revive Solana's bullish trend.

Galaxy Digital increases its SOL stakes

In the past 24 hours, US investment company Galaxy Digital has bet $63 million in SOL. The corporation staked 260,000 SOL worth $40.7 million and then 150,000 SOL worth $22.7 million.

Galaxy Digital's SOL stake is 660.00K worth $101.01 million and 122.99K worth $18.82 million, according to Arkham Intelligence. Growing institutional backing for Solana and SOL treasuries from Solana Strategies, DeFi Development Corp., and Upexi bolster optimistic sentiment.

Solana is trading over $150 after reversing from $140. With the intraday climb, SOL's path of least resistance is the overhead trendline created by January 18, May 13, May 22, and June 11 peaks.

Fibonacci numbers show that the 50% retracement level from the all-time high of $295 to the year-to-date low of $95 is $167. To locate better exits, investors stranded at a higher level may drive buying pressure with breakout intent.

A closure over the multi-month resistance trendline around the 50% retracement level at $167 might continue the rally to $191, the 61.8% Fibonacci level.

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