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CoinShares has filed an S-1 application with the United States Securities and Exchange Commission (SEC) to list a spot Solana (SOL) exchange-traded fund (ETF). This move makes CoinShares the eighth company to submit a filing for a Solana-based ETF.
In Brief
CoinShares filed with the SEC to launch a spot Solana (SOL) ETF, the eighth firm to apply.
Solana’s price has recently risen over 5%, supported by growing market interest and fundamentals.
Technical analysis indicates a possible breakout above $157, with potential price targets between $250 and $270.
CoinShares Joins the Solana ETF Race
The application came days after several leading asset management firms—including VanEck, Grayscale, Franklin Templeton, Bitwise, and others—updated their own ETF filings to include staking features. Fidelity also submitted a filing on the same day, highlighting growing institutional interest in regulated Solana investment products, despite signs that ETF approval might take longer than expected.
CoinShares’ decision to enter the race further confirms the rising attention Solana is attracting among asset managers.
Bloomberg Analysts See Solana ETF Approval as Imminent
On 10 June, Bloomberg analysts James Seyffart and Eric Balchunas stated that Solana might be the next cryptocurrency to receive a spot ETF. They also suggested that broader crypto index ETFs could receive SEC approval within the coming month.
Eric believes that the SEC may act quickly on spot Solana and staking ETFs in response to recent attempts by firms like RexShares and Osprey to bring Solana and staking-related products to market through legal workarounds.
Balchunas noted that many were wondering if BlackRock CEO Larry Fink would also file for a Solana ETF. However, he admitted there was no clear indication either way and no insider information available.
Strong Fundamentals Driving Solana’s Momentum
Solana’s price has increased by over 5% in 24 hours, reflecting growing confidence in the token’s fundamentals. This was supported by several key developments around the same time, including:
Bybit introduced a DEX on Solana, aimed at boosting DeFi liquidity
Trading volume jumped over 80%, showing strong market activity
MemeStrategy bought 2,440 SOL, worth around HKD 2.9 million
Amid these developments, Solana is now trading at around $156, supported by both technical factors and institutional interest.
Technical Indicators Signal Potential Price Breakout
Solana recently bounced from a support zone near $143.65 and is moving upward toward resistance at around $157
If the token breaks above this level and holds, it could target a new price of around $201. This projection reflects a 38% rise based on the height of a previous breakout range.
The Relative Strength Index (RSI) is currently around 48.14, indicating neutral momentum. However, it is recovering from oversold territory and beginning to trend upward. The RSI moving average is also turning up, suggesting that the market may be shifting in favour of buyers.
The overall bias remains bullish. A solid move and close above $157 would support the case for further gains. On the other hand, a fall below the $143–$140 range could weaken the setup and shift momentum to the downside.
Crypto analyst “World of Charts” also shared insights, stating that Solana appears ready for another rally. According to his analysis, the token is consolidating within a bullish pennant pattern.
If it breaks out from this structure, the price could climb toward $185, a key horizontal resistance level. The analyst added that if Solana manages a daily close above $185, it could potentially rally to $250 in the following days.
His chart shows that Solana broke out of a major downtrend in April and then went up by 51%. Since then, the price has been trading between $130 and $160. This suggests that whales are accumulating before a possible breakout.
If the price goes above $157 to $160, it could jump quickly to between $250 and $270. That would be about a 60% increase from the current level.
All eyes are now on the SEC’s response to these filings. The approval of a spot Solana ETF would be a major step forward and could trigger another strong price movement for Solana.
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Ifeoluwa specializes in Web3 writing and marketing, with over 5 years of experience creating insightful and strategic content. Beyond this, he trades crypto and is skilled at conducting technical, fundamental, and on-chain analyses.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
