Solana (SOL) breaks through, igniting hopes amid the vibrant wave of ETFs.

The price of Solana (SOL) is currently hovering around $151 on Monday, after breaking above the downtrend line last week — an important technical signal indicating that a rally is forming. Notably, REX Shares has just submitted a filing to the SEC ( to launch a Solana staking ETF, raising hopes for a new financial product that could be approved soon. According to technical analysis, SOL is on a strong bounce back trajectory, targeting higher levels, especially the area above $180.

Is the Solana ETF about to launch?

Last Saturday, REX Shares unexpectedly announced on platform X )formerly known as Twitter( that the staking combination ETF fund named REX-Osprey SOL is ready for deployment. This fund is designed to track the performance of Solana while providing returns to investors through an on-chain staking mechanism.

Also on that day, Eric Balchunas – senior ETF analyst at Bloomberg – confirmed the information with a post on X, stating:

"Rex has just sent a letter to the SEC to inquire whether the previous issues related to Solana ETF staking under the ’40 Act have been resolved or not."

Balchunas stated that:

"There is no doubt, they are working hard to launch before the spot ETF funds."

He also attached a screenshot of the email showing that REX Shares has fully responded to the requests from the America SEC )SEC(, and concluded:

"It seems they are ready to deploy. Truly impressive."

Breakthrough above the downtrend line

On Saturday, Solana )SOL( officially broke above the downtrend line – drawn from the series of peaks formed since May 24 – and closed above this threshold. The upward momentum continued to be reinforced on Sunday as the price surpassed and maintained above the 50-day exponential moving average )EMA(, currently at $151.48. By Monday morning, SOL was fluctuating around this price range, indicating that buying pressure was still present.

![])https://img-cdn.gateio.im/webp-social/moments-c6c425cc5fb406dff2abdecdc1e5a73a.webp(The daily chart of SOL/USDT | Source: TradingViewIf the uptrend continues, SOL is likely to target the important resistance zone at $160. A solid close above this threshold could open up room for the price to continue climbing, testing the next resistance zone at $184.13.

On the daily timeframe, the RSI indicator is at 52 – above the neutral threshold of 50 – reflecting that bullish momentum is gradually gaining dominance. In addition, the MACD indicator has also recorded a bullish crossover on Saturday, sending a buy signal and further reinforcing expectations of a sustainable uptrend.

However, if profit booking pressure arises, SOL may face a short-term correction, retreating to test the nearest support area at $141.41.

SN_Nour