Key Points:
With the launch of the Bitwise Solana Staking ETF, Solana continues its mainstream adoption.
The bullish flag pattern target for SOL price indicates an increase of over 100% to $412.
The trading price of Solana's native token SOL was $203 on Tuesday, up 14% from the local low of $177 set on Wednesday. This rebound is attributed to the growing market enthusiasm for the launch of the first Solana ETF in the U.S. today.
The Bitwise Solana Staking Exchange-Traded Fund (ETF) is set to list on the New York Stock Exchange under the ticker BSOL on Tuesday.
This marks the birth of the first spot Solana ETF in the U.S., which invests 100% directly in SOL and includes a staking feature, earning approximately 7% annualized returns through network rewards.
Introducing $BSOL — the Bitwise Solana Staking ETF. Starts trading tomorrow. - First U.S. ETP to have 100% direct exposure to spot SOL - Maximizing Solana’s 7%+ average staking reward rate* - Targeting 100% of assets staked - Staking through Bitwise Onchain Solutions, powered by… pic.twitter.com/Vo8Ko0qOCn
Bloomberg ETF analyst Eric Balchunas confirmed the NYSE listing notice and added that Grayscale's Solana Trust (GSOL) will convert to a spot ETF tomorrow (Wednesday), providing investors with another regulated channel to gain exposure to SOL prices and staking rewards.
Since the federal government shutdown on October 1, the approval process for crypto ETFs in the U.S. has stalled.
Crypto analyst Bitcoinsensus posted on X platform on Tuesday: "With SEC approval, the Bitwise $BSOL ETF officially starts trading today."
This debut is expected to drive SOL prices significantly higher due to unprecedented inflows of institutional funds. For example, the REX-Osprey Solana Staking ETF SSK saw over $12 million in trading volume on its listing day, June 30.
Based on the acceptance of Bitcoin and Ethereum ETFs, JPMorgan, as a multinational investment bank, predicts that the Solana ETF will attract $3 billion to $6 billion in inflows in its first year.
The recent trend of SOL shows a bullish flag pattern on a weekly level, indicating potential upward movement to $400 or even higher.
A bullish flag is a continuation pattern that appears after a significant rise, accompanied by high-level consolidation. According to technical rules, a breakout above the upper boundary of the flag could trigger a parabolic rally.
The chart pattern will be confirmed when the price breaks above the flag's upper boundary at $205.
The target for this pattern is calculated by adding the height of the flagpole to the breakout point, which is $412, representing a 104% increase from the current level.
Supporting SOL's continued strength is the rising RSI value: from 34 when the bullish flag formed in mid-June, it has risen to 53 this Tuesday. This indicates that upward momentum is continuing to strengthen.
Analyst BitBull stated: "$SOL has still maintained its 3-year support trendline," with the most critical level being $280.
Analyst BitBull added: "I still believe we will see SOL in the $400-$500 range during this cycle."
According to Cointelegraph, a breakthrough of the midline in the RSI indicates that buyers are in control, which may help SOL break through $220 and open the door to challenge $260 and above.
Related: As the probability of a Federal Reserve rate cut exceeds 98%, Bitcoin (BTC) price begins to break through the $112,000 mark.
Original: “How high can SOL price go with the first Solana ETF live?”
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