Solana News Update: ETFs Propel Solana Over $200 as Major Investors Place Their Wagers
Solana's native cryptocurrency,
The ETF debuts followed strong inflows into Solana-focused investment products. The REX-Osprey Staking Solana ETF (SSK) attracted $24 million in the week before October 27, raising its total assets to more than $400 million since its launch in August, as reported by
Technical analysis pointed to further gains ahead. A golden cross appeared as Solana's 9-day moving average moved above its 26-day counterpart, while a bullish flag pattern on the weekly chart suggested a potential rally to $412—a 104% jump from its October 28 price, according to
Institutional interest continued to rise, with Reliance Global Group and other firms adding SOL to their digital holdings, according to Crypto.news. This contrasted with Ethereum's recent challenges, where ETF outflows of $555 million over two weeks outweighed the $78 million in ETH accumulated by corporations. While Ethereum's price hovered near the key $4,300 resistance, Solana's ecosystem appeared better positioned to benefit from ETF-driven capital, according to
Despite the positive outlook, some risks remain. The U.S. government shutdown postponed SEC decisions on additional Solana ETFs, including those from VanEck (VSOL) and 21Shares, Bitget reported. Meanwhile, Litecoin's ETF launch saw limited success, with just $1 million in trading volume and a 3.3% drop in LTC price to $96, highlighting the difficulties older cryptocurrencies face in an evolving market, Coinotag reported.
At present, Solana's price direction depends on continued institutional engagement and regulatory developments. With BSOL waiving its 0.20% management fee for the first $1 billion in assets, Bitwise and rivals like Grayscale are competing to attract a growing pool of investors less focused on specific cryptocurrencies. As Bloomberg ETF analyst Eric Balchunas observed, "ETFs add legitimacy, but true price momentum comes from network growth and real-world use," Cointelegraph reported.
