Solana Dips 4% as Grayscale Launches First Staking-Enabled Solana ETF on NYSE Arca

The Solana price has slipped 4% in the last 24 hours, to trade at $197, on a 23% surge in the daily trading volume, to $8.73 billion.

This price plunge comes despite Grayscale Investments officially launching its Solana ETF (GSOL) on NYSE Arca, marking its first staking-enabled exchange-traded product under the SEC’s updated standards. The ETF exposes investors to Solana (SOL) while integrating staking rewards directly into its net asset value (NAV). Unlike traditional ETFs, GSOL operates as a trust, carrying higher risks but supported by Grayscale’s institutional-grade custody solutions.

Grayscale’s Senior Vice President for ETFs, Inkoo Kang, said the launch widens investor access to Solana’s expanding ecosystem, blending growth opportunities with staking benefits. Kristin Smith, President of the Solana Policy Institute, called the ETF a turning point for blockchain adoption in global finance.

The launch follows Bitwise’s successful debut of its Solana Staking ETF (BSOL) just a day earlier, one of the strongest crypto ETF openings since Ethereum-based products earlier this year.

Despite the bullish momentum, Solana’s price dipped 1% to $198.73 amid broader market weakness ahead of the U.S. Federal Reserve’s rate decision. Trading volume, however, surged 23%, fueled by optimism over Western Union’s Solana-based stablecoin plans and a $74.3 million whale long position.

Solana (SOL) Shows Bullish Reversal, Targets $250 Resistance

Solana (SOL) shows signs of a strong recovery after finding support near $175. The price has climbed about 1.9% in the past 24 hours to around $197, as buyers return following a short period of sideways trading. This comes as overall crypto sentiment improves, supported by new ETF launches and growing use of the Solana network.

The chart shows that SOL has built a solid base between $175 and $185, where buyers have been actively defending the level. This support zone has helped the coin bounce back from recent lows. Earlier, sell liquidity around $120–$140 was cleared, meaning most weak selling pressure is gone. The RSI indicator now sits near 49, suggesting that SOL still has room to move higher before becoming overbought.

SOLUSDT Analysis Source: Tradingview

If Solana keeps this momentum, it could rise to test the key resistance level around $250, an area where the price has been rejected before. Breaking above that resistance would signal a stronger bullish trend and could push SOL toward $275 or even $300 in the coming weeks. However, if the price drops below $175, it could fall back toward $150.

In short, Solana looks ready for another upward move. Strong support, growing buying pressure, and a stable RSI all point to a potential breakout. Traders are watching for a daily close above $200 to confirm the start of a new rally toward the $250 zone.