Solana Price Eyes Breakout to $300 As Bitwise Solana Staking ETP Goes Live

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As a seasoned crypto investor with a penchant for identifying undervalued assets, I find myself intrigued by the recent developments surrounding Solana (SOL). Despite the broader market turbulence, SOL’s resilience and potential for growth are hard to ignore.

In contrast to the wider market’s downturn, the price of Solana is surging by 1.74%, currently valued at $217. This uptick is due to asset manager Bitwise introducing the Solana staking ETP (Exchange Traded Product) in Europe, symbolized as BSOL. This announcement has sparked optimism among Solana investors who have been hesitant over the past few weeks, as SOL stabilized around $210.

Solana Price Rally to All-Time High of $300 Soon?

Over the recent weeks, the Solana price has been treading horizontally after peaking at $263 on November 22 and reaching a low of $203 last week. However, today, it appears to be recovering, bucking the trend set by Bitcoin‘s price drop and the overall market correction. Notably, the Solana bulls seem to be exhibiting more resilience compared to other cryptocurrencies as per popular crypto analyst Crypto Jelle, who presents a contrarian perspective on Solana (SOL).

Jelle, in his analysis, stated that while some have dismissed Solana (SOL), the graphical representation paints a contrasting image. He emphasized that the asset is constructing a falling wedge – a bullish technical indicator – close to a significant resistance level that has now transformed into support. Remaining positive, he predicts a possible surge in Solana’s price towards fresh record highs by year-end, contradicting the prevailing skepticism.

Looking ahead, if Solana’s price is aiming for another jump up to approximately $300, it first needs to overcome past resistance levels at $244 and $265 in the process. Yet, given the cup-and-handle breakout, there’s potential for the SOL price climb to stretch even higher, potentially reaching $400. Currently, Solana’s price is standing at $217, and according to Coinglass data, open interest has grown by 2.25% to reach a level of $5.34 billion as of the latest update.

Bitwise Solana Staking ETP Goes Live

On Monday, Bitwise, a well-known crypto asset manager, introduced a Solana Staking Exchange Traded Product (BSOL) in collaboration with Marinade as its staking partner. This move follows close on the heels of Bitwise’s application for a U.S. based Spot Solana ETF, filed just last month. But experts in market analysis predict that the process of approving a Solana ETF in the U.S. could take some time. Instead, it appears that other digital currencies such as Hedera (HBAR) and Litecoin (LTC) might be granted approval first.

Previously, Bitwise had an established position in the European Solana Exchange-Traded Product (ETP) market through its ESOL product, managing $24 million in assets. However, ESOL has received some investor backlash because it doesn’t offer staking rewards – a feature that has become quite lucrative for Solana investors. To address this concern, Bitwise recently launched the Bitwise Solana ETP (BSOL), which includes the option for staking rewards.

While Solana ETP issuers don’t provide the full staking reward rate, Bitwise’s BSOL will pay 6.48%. his is slightly higher than the 5.49% offered by 21Shares’ Solana staking ETP, the fifth-largest crypto ETP in Europe. Additionally, BSOL comes with a competitive annual management fee of 0.85%, compared to 21Shares’ 2.5%.

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2024-12-18 09:51