šSolana Price Drops Below $150 as ETF Hype Wears Off š
Solana (SOL) jumped to $160 earlier this week after news of a new ETF that includes staking options. But that rally didnāt last. SOL has since fallen over 6%, now trading near $148, as traders reconsider how much the ETF will really help in the long run.
šļøWhy the Drop?
The ETF was created by REX Shares and Osprey Funds. Because itās structured as a C-corporation, it avoided some SEC approval delays and launched faster than usual. At first, this was seen as a positive sign for Solana. However, big investors havenāt shown much interest yet. For comparison, Grayscaleās Solana Trust (GSOL) only has about $75 million in assets even after two years.
šFurther weighing on the price, nearly $585 million worth of SOL tokens are set to unlock in the next couple of months, which could lead to more selling pressure.
šLatest Price:
SOL: $147.83 (-6.62%)