Solana Spot ETF Launch Spurs Demand, Targets $250 Breakout
Solana spot ETF approvals in the US and Hong Kong have accelerated institutional demand and boosted price. In the US, Bitwise’s BSOL debuted on NYSE Arca, Grayscale converted GSOL, and VanEck’s filing went effective. Hong Kong also launched its first Solana product. Investors moved nearly $1 billion in SOL out of exchanges within 48 hours. Daily volume rose over 5% to $6.4 billion, lifting Solana’s market cap above $111 billion. Nasdaq-listed Reliance Global Group added SOL to its treasury alongside BTC and ETH.
Technically, SOL is testing a two-month falling channel and trading above its 50- and 200-period moving averages after breaking out of the Ichimoku Cloud. A successful break above the 61.8% Fibonacci retracement at $205 could drive a rally toward $226 and the September high near $253. Key resistances lie at $208, $216 and $227, while supports stand at $190, $175 and $198–$200. Futures open interest is around $9.75 billion, reflecting cautious retail participation. A pause in Fed tightening may add liquidity. Longer-term targets range from $300 to $520 if institutional flows persist. The Solana spot ETF launch has shifted momentum firmly in the bulls’ favour.
Bullish
The launch of Solana spot ETFs in multiple jurisdictions has driven significant institutional flows, with nearly $1 billion in exchange outflows and major firms adding SOL to their treasuries. Daily trading volume and open interest have risen, reflecting growing engagement. Technical indicators—Ichimoku Cloud breakout, a test of a falling channel, and a Fibonacci retracement breakout level at $205—point to potential rallies toward $226–$253 and beyond. A possible Fed pause in quantitative tightening adds liquidity upside. These factors combined create a bullish outlook for Solana in both the short and long term.