Solana Price News: Can SOL’s ETF Approval Push it to $185 Again?

The REX-Osprey Solana Staking ETF (SSK) made its debut this week and has attracted $12 million in capital inflows just a day after its launch.

REX-Osprey Solana Staking ETF (SSK) Details – Source: Bloomberg Terminal

Although this is nothing compared to the trading volumes that the asset it covers does on the crypto spot market, the launch of this vehicle could have paved the way for further institutional and retail adoption of cryptocurrencies.

Apart from making SOL accessible to investment accounts of all types, the inclusion of staking rewards makes this ETF much more appealing as it could boost its returns during bullish cycles and mitigate some of its losses during downturns.

Solana’s staking annual percentage yield (APY) currently varies from 6% to 8% depending on the platform used.

The SSK ETF will receive these funds and add them to the NAV, meaning that the value of the instrument should increase as it receives these distributions.

Solana (SOL) rose by 3.6% yesterday after the ETF hit the trading floor. Most Solana meme coins experienced a strong rally, possibly amid the expectation that interest in this blockchain’s ecosystem could rise as a result of this landmark achievement.

Is Solana The Best Blockchain for Tokenized RWAs?

The institutionalization of altcoins beyond Ethereum (ETH) is an important step forward to increasing the presence and accessibility of cryptos.

Solana has emerged as a major competitor to Ethereum. Although the former lacks the level of decentralization that the network created by Vitalik Buterin does, it has been a reliable alternative that offers faster transaction execution speeds and lower fees without requiring the use of layer-two chains.

Solana’s Top DeFi Apps – Source: DeFi Llama

Meme coins have served as Guinea pigs to demonstrate the network’s ability to handle large transaction volumes and could make it the preferred choice for the tokenization of real-world assets (RWA).

The network has successfully navigated top token launches like Official Trump (TRUMP) and Melania (MELANIA) and is currently the home of $10.8 billion worth of meme coins.

Meanwhile, its decentralized finance (DeFi) ecosystem has been expanding rapidly. Platforms like Raydium, Pump.fun, Jupiter, Save (formerly Solend), and Jito have grown and thrived by offering different services like lending, token minting, asset trading, and staking.

Everything Points to a Retest of $185

Looking at the daily chart, we can see that Solana (SOL) has recovered from the strong drop it faced during the latest crisis in the Middle East.

SOL/USD Daily Chart (Binance) – Source: TradingView

The U.S. decision to bomb three Iranian nuclear compounds seems to have brought some temporary peace to the region as the North American country brought a gun to a knife fight.

The $140 level has been pivotal for Solana during its recent push to $185. Now that the price has recovered above this mark, it could once again serve as a launchpad for the token’s next leg up.

The 200-day exponential moving average (EMA) stands as the most relevant resistance to watch and the price has already rejected a move above this level once.

SOL has broken its descending price channel already and seems to have retested it from above in the past couple of sessions.

The 9-day and 21-day exponential moving averages (EMAs) seem ready to make a ‘golden cross’ that would confirm a buy signal. However, cautious traders may wait for the price to jump above the 200-day EMA to confirm a bullish outlook in the near term.

The Relative Strength Index (RSI) has been rising and currently sits at 52, meaning that the uptrend has been gaining strength. The oscillator is also above its 14-day moving average.

All of these indicators favor a bullish Solana price prediction. A plausible target could be set at $185 for the next few days.