Solana (SOL) has retested a crucial resistance level after recovering the $150 level over the weekend. The surge, fueled by the upcoming launch of a SOL-based staked exchange-traded fund (ETF), has led some analysts to forecast a rally toward the next key target.<\/p>\n
On Monday, Solana\u2019s price soared to a key resistance level following the introduction of \u201cthe first-ever Solana staked crypto ETF in the US.\u201d Rex Shares announced it will launch a Solana-based staked ETF this Wednesday, aiming to offer exposure to SOL and staking rewards.<\/p>\n
According to the X post<\/a>, the REX-Osprey ETF will track SOL\u2019s performance while \u201cgenerating yield through on-chain staking,\u201d starting a \u201cnew era of yield-generating crypto exposure.\u201d As a result, Solana climbed to the $160 barrier, which led to nearly $9 million in short positions liquidated on Monday afternoon.<\/p>\n Market Watcher Daan Crypto Trades considers<\/a> Solana \u201cbounced nicely over the weekend\u201d but has yet to turn the Low Timeframe (LTF) trend around. He explained that reclaiming the $159-$167 area is necessary to aim for higher levels.<\/p>\n Additionally, the Daily 200-day Moving Average (MA) and Exponential Moving Average (EMA) are currently located within this range. \u201cI would want to see price trade back above that to start targeting the $180-$200 region again,\u201d he detailed.<\/p>\n Nonetheless, the trader questioned whether a Solana spot ETF-driven rally will fuel the cryptocurrency\u2019s<\/a> run. Notably, multiple investment firms, including Grayscale, VanEck, 21Shares, and Bitwise, have filed with the Securities and Exchange Commission (SEC) to launch a spot SOL ETF in the US.<\/p>\n According to recent reports<\/a>, the investment products have a \u201chigh likelihood\u201d of being approved in the coming weeks, which has seemingly fueled investors\u2019 expectations of a bullish \u201cSolana Summer.\u201d<\/p>\n \u201cThe big question is how much demand there will be,\u201d Daan asserted, noting that Ethereum (ETH) sport ETFs, approved in July 2024, had a disappointing launch and \u201conly started seeing decent inflows about a year later.\u201d<\/p>\n Following the ETF-fueled breakout, analyst Hardy noted Solana\u2019s \u201cTextbook move, clean breakout, clean retest, and pump,\u201d which could trigger a run toward the $200 barrier. Notably, the cryptocurrency saw a remarkable performance over the weekend, reclaiming the $144-$148 crucial<\/a> area and breaking past the $150 mark.<\/p>\n Amid this performance, the analyst highlighted<\/a> that Solana had broken out of its local downtrend line after reclaiming the $148 resistance and was retesting the breakout zone. He explained that there is \u201cJuicy liquidity sitting above, ready to be taken,\u201d adding that Solana needed to hold the $150 support to continue its bullish run toward the next target.<\/p>\n Meanwhile, analyst Crypto Batman considers<\/a> that Solana is \u201csetting up very nicely\u201d after the $160 retest. Per the post, \u201cIt has broken out from a bullish flag pattern that bottomed at the 0.618 Fibonacci level, a clear sign of impulsive strength in the trend.\u201d<\/p>\nSOL Ready For Another Breakout?<\/h2>\n