Solana (SOL) saw a price boost following the launch of the REX Shares Staked Solana ETF, the first U.S.-based exchange-traded fund offering exposure to a staked cryptocurrency. But while the market reacted positively at first, the key question remains: is this the beginning of a sustained uptrend, or just a short-term bounce?
A new kind of ETF hits the market
REX Shares made headlines by launching an ETF that not only tracks the price of Solana but also integrates staking rewards, giving investors a way to earn passive income while gaining exposure to the asset. This marks a significant development in crypto investment products, especially in the U.S. market.
Following the announcement, SOL’s price rose, briefly hitting $153. However, technical indicators show mixed signals, and bulls are now facing a crucial test.
Technical outlook: SOL needs to break above $159
On the daily chart, Solana recently failed to break through its 50-day simple moving average (SMA) near $156, suggesting strong resistance from sellers at that level. Meanwhile, the 20-day exponential moving average (EMA) at $148 is acting as a short-term support, with buyers stepping in on dips.
If the current rebound holds and the price breaks above the 50-day SMA, SOL could target $168 next — and potentially climb to $185 if momentum strengthens.
However, bears may have other plans. A drop below the $144–$140 support zone could signal renewed selling pressure, with downside targets at $126 and even $110 if support breaks.
Short-term setup: a key reversal pattern in play
On the 4-hour chart, SOL bounced off the 50-day SMA and reclaimed the 20-day EMA, indicating renewed buying interest at lower levels. If buyers manage to keep the price above $159, it would complete an inverse head-and-shoulders pattern — a classic bullish signal — with a projected upside target of $192.
On the flip side, a close below $144 would suggest sellers are regaining control, and the price could revisit the $140–$137 zone.
Conclusion
The launch of the REX Shares Solana ETF has brought fresh attention to SOL and injected short-term bullish momentum. But for the rally to turn into a real trend reversal, bulls need to push and maintain the price above $159. Until then, the market remains at a critical crossroads.