Solana Price Dips 3% Ahead of Bitwise Solana Staking ETF Launch

The Solana price has slipped 3% in the last 24 hours, to trade at $193, on a 23% surge in the daily trading volume, to $7.73 billion.

The slump comes as Bitwise Solana Staking ETF ($BSOL), along with Canary’s Litecoin and HBAR ETFs, are debuting today after issuers updated filings to meet SEC requirements. The Bitwise ETF is especially notable because it offers 100% direct exposure to Solana and plans to stake all assets for rewards above 7%, while charging zero fees.

This move highlights the rising demand for decentralized platforms like Solana. Grayscale is also launching its own Solana ETF (GSOL), expanding Solana’s presence in traditional markets.

Solana Futures Open Interest Shows Growing Market Confidence

Solana is seeing more activity from futures traders as Open Interest continues to rise, according to Coinglass data. This shows that more people are betting on Solana’s price direction, even with recent price swings.

Source: Coinglass

The increase comes as two new Solana ETFs launch in the U.S., giving investors easier access through traditional markets. Bitwise has introduced the first Solana staking ETF, while Grayscale also launched its own Solana product.

With the price of SOL holding near $200, the rising futures activity suggests traders still believe in Solana’s potential and are watching for the next strong move.

Solana Price Bulls Try to Take Back Control

Solana (SOL) price is showing early signs of a possible recovery as buyers hold the strong support level near $175. Even though the price has slipped slightly today to around $193, the chart still signals that bullish momentum could be building again. This support zone has protected the price multiple times, suggesting that buyers are not willing to let SOL fall much lower.

The recent move, where the price dipped and then bounced back, helped clear out sell liquidity. That kind of move often happens before a reversal, because it removes weak positions and gives stronger buyers a chance to step in. The formation of higher lows is starting to appear on the chart, which is a positive signal that buyers may be gaining confidence again.

SOLUSDT Analysis. Source: Tradingview

The biggest challenge ahead for Solana is the key resistance zone around $255. The price has tried to break above that level before but failed, which caused the current pullback. For the bullish trend to fully return, SOL must break past this resistance and hold above it. If that happens, the price could continue climbing in a stronger uptrend.

What Next For Solana?

The Relative Strength Index (RSI) is currently near neutral levels around 46, meaning the market has room to move upward without being considered overbought. This supports the idea that if buying pressure increases, SOL could push higher. Before it reaches the major resistance, the price will need to move above key mid-range levels such as $210 to $225, which could open the path for a stronger rally.

If Solana breaks above $225 and continues higher, a retest of the $255 resistance becomes more likely. A successful breakout above $255 would be a strong bullish confirmation and may attract more traders back into the market. However, if SOL fails to move higher and loses the $175 support, the recovery could be delayed, and the price might face more downside pressure.