Solana Holds Above $130 Despite CoinShares ETF Withdrawal as Corporate Accumulation and Staking Inflows Rise
CoinShares withdrew its Form S-1 for a proposed Solana Staking ETF on November 28, 2025, stating the planned transaction “was ultimately not effectuated” and confirming no shares were issued or sold. The withdrawal also affected proposed XRP and Litecoin funds. Despite this setback, Solana (SOL) price remained resilient, trading near $137 and holding above key support at $130 while consolidating below $150 resistance. Market technicals were neutral (RSI ~47, MACD flat) and 24-hour volume reached about $4.06 billion. Corporate treasuries have steadily accumulated Solana throughout 2025, pushing total holdings past 16 million SOL by November. Competing staked-SOL products saw strong demand: Bitwise’s staking ETF debuted in October with $223 million on day one, and combined staked-SOL inflows reached roughly $369 million in November. Network fundamentals — including high throughput — and attractive staking yields (estimated 6–8% annually) helped offset the negative headline. Traders should watch $130 support and $150 resistance; near-term price action may stay range-bound as the market digests ETF developments and ongoing institutional accumulation.
Neutral
The net market impact is neutral. The CoinShares withdrawal is a headline negative for a specific ETF product and may have caused short-term selling or uncertainty, but it did not release shares nor directly liquidate positions. Offsetting this are sizable institutional accumulations (over 16M SOL) and strong inflows into competing staked-SOL products (about $369M in November), which indicate sustained demand for Solana exposure and staking yields. Technical indicators are neutral (RSI ~47, MACD flat), and price is range-bound between the $130 support and $150 resistance. Historically, ETF application withdrawals can produce short-lived volatility but rarely reverse ongoing on-chain accumulation trends; similar cases in other tokens saw temporary dips followed by stabilization as alternative products absorbed demand. Short-term implication: possible increased volatility and range-bound trading as investors reassess ETF pathways. Long-term implication: continued institutional accumulation and staking product adoption support a constructive backdrop for SOL if network fundamentals and staking yields remain attractive.