Solana's SOL Surges Past $150 on Staking ETF Hype, Eyes $170 Resistance

The cryptocurrency market showed strong recovery on Wednesday after a sluggish start to the week. Bitcoin climbed nearly 3% to revisit the $110,000 level before settling around $108,900. Solana's SOL emerged as one of the top performers among major cryptocurrencies, breaking through the key $150 psychological barrier.

The rally follows the successful debut of the REX-Osprey Solana + Staking ETF, which recorded an impressive $33 million in trading volume on its first day. Bloomberg Senior ETF Analyst Eric Balchunas noted the ETF outperformed recent Solana and XRP futures ETF launches, though it trailed behind Bitcoin and Ethereum spot ETFs. The fund closed with approximately $1 million in assets under management, regulated under the Investment Company Act of 1940 with Anchorage serving as custodian.

Institutional interest in Solana appears to be growing, with CME Group reporting record SOL futures volumes. Technical indicators suggest SOL may continue its upward trajectory. The RSI at 60 indicates waning selling pressure, while the MACD shows bullish momentum. Key resistance levels to watch include $162 and $174 - the latter being SOL's highest price since May 29. Support currently holds around $150, with downside risks including potential retests of $137 or even $125 if bearish trends return.