Solana (SOL) is the best performer among the top 10 cryptocurrencies by market cap, adding1.6% to its value in the last 24 hours.
The coin is rallying on the announcement of Bitwise Solana Staking Exchange Traded Fund (ETF) launching on Wednesday.
Its technical outlook is also bullish at the moment, suggesting a breakout in the near term as it targets new monthly highs.
Solana ETFs to launch on NYSE
SOL is currently outperforming the broader cryptocurrency market thanks to the upcoming listing of spot Solana ETFs on the New York Stock Exchange.
Eric Balchunas, Bloomberg ETF analyst, revealed that the NYSE has posted the listings of Bitwise Solana, Canary Litecoin, and Canary HBAR, which will commence trading today, while the Grayscale Solana Trust (GSOL) will convert into an ETF on Wednesday.
Confirmed. The Exchange has just posted listing notices for Bitwise Solana, Canary Litecoin and Canary HBAR to launch TOMORROW and grayscale Solana to convert the day after. Assuming there’s not some last min SEC intervention, looks like this is happening.
According to Bitwise, its SOL staking ETF will leverage Solana’s average staking reward rate of 7%, while providing a fee waiver for a limited time.
Meanwhile, the Grayscale Solana Trust holds over $105 million in SOL, which will be converted into an ETF tomorrow.
The retail interest in Solana remains poor despite the ETF announcement, with the current market volatility a major factor.
Data obtained from CoinGlass reveals that Solana futures Open Interest (OI) currently stands at $10.11 billion, up from $9.71 billion on Monday.
However, this figure has remained mostly below $10 billion since the October 10 correction.
The increase in futures OI suggests that traders are entering the Solana market again, following weeks of deploying a wait-and-see approach.
SOL eyes $250 amid improved market sentiments
The SOL/USD 4-hour chart is bullish and efficient after Solana added nearly 2% to its value in the last 24 hours.
The positive performance has seen Solana cross the $200 psychological level and the 200-period Exponential Moving Average on the 4-hour price chart.
Currently, SOL is trading at $203 per coin and could rally higher in the near term.
The technical indicators suggest that SOL is currently bullish, with buyers overwhelming the sellers.
The Relative Strength Index (RSI) of 65 means that SOL is heading towards the overbought region if the buying pressure continues.
The MACD lines are also within the positive territory, indicating a strong bullish bias.
If the daily candle closes above the $208 zone, SOL could rally towards the next major resistance levels between $237 and $253 over the coming hours.
The two key levels were the peaks of October 6 and September 18, and could pose a bearish challenge for the cryptocurrency.
However, failure to close above the nearest supply zone could see the technical indicators shift bearish in the 4-hour timeframe. This could see SOL drop below the 200-period EMA at $201 and retest the support level at $194.
The next major support level at $184 will likely hold in the near term and could allow SOL to bounce back from a bearish trend.
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