Solana Sleeps Through ETF News — Can Bulls Snap Out of It?
🔸 $SOL
attempts a rebound despite mixed market sentiment.
Solana (SOL) is showing signs of recovery, up over 1% and trading above $150 on Tuesday, after a sluggish week. This uptick comes amid major ETF developments and rising institutional interest.
🚀 ETF Momentum Building
Nine firms, including CoinShares, Grayscale, VanEck, Fidelity, Franklin, and Galaxy Digital, have submitted S-1 applications to launch Solana ETFs. Bloomberg analysts Eric Balchunas and James Seyffart estimate a 90% chance of ETF approval, potentially igniting SOL’s next bull run.
🏦 Galaxy Digital Bets Big on Solana
In the past 24 hours, Galaxy Digital staked $63M in SOL, adding to its already massive position. According to Arkham Intelligence, its total holdings now exceed $101M, reinforcing bullish confidence from Wall Street.
📉 Open Interest Drops, But...
Despite bullish catalysts, SOL open interest declined and long liquidations rose, signaling caution in the market. Still, price action is targeting key resistance near $167, the 50% Fibonacci retracement from the $295 ATH to the $95 YTD low.
📈 Breakout Watch
If SOL can close above the multi-month trendline near $167, momentum could carry the token to $191, aligning with the 61.8% Fibonacci level.
🔖 Tags:
