Solana Price Drops 4% as VanEck Launches New Staking ETF

The Solana price has slipped 4% in the last 24 hours, to trade at $134, on a 13% surge in the daily trading volume, to $5.93 billion.

The drop in SOL price comes as VanEck launches the US’s third Solana staking ETF, the VanEck Solana ETF (VSOL), joining similar products from Bitwise and Grayscale that have already attracted over $380 million in inflows since October. VSOL offers staking rewards and has waived its 0.3% fee until February 17 or until it reaches $1 billion in assets, intensifying competition among Solana-focused funds.

The wave of new crypto ETFs follows the SEC’s updated listing rules in September, which now allow faster approvals without individual assessments. Bloomberg analyst Eric Balchunas says Fidelity’s Solana ETF (FSOL) is set to launch next, adding even more pressure to existing Solana ETFs.

Meanwhile, a Dogecoin ETF could debut soon. Grayscale’s Dogecoin Trust is expected to convert into a spot DOGE ETF as early as Nov. 24 if the SEC doesn’t intervene, making it the first US ETF to directly hold Dogecoin. Bitwise may also launch its own DOGE ETF late next week after revising its filing earlier this month.

Solana Tries to Bounce as Price Hits Strong Support Zone

Solana (SOL) is trying to recover after several weeks of selling pressure. The price is now trading at $132.46, slightly higher in the last 24 hours. The market is watching closely because SOL has reached a major support level that has triggered strong rebounds in the past.

Right now, SOL is sitting on a strong double-bottom support zone around $125–$130. This area is important because it previously held the price and helped push it back up. If buyers defend this zone again, Solana could start a recovery.

SOLUSDT Analysis Source: TradingView

However, the price is still below the 50-day ($185.13) and 200-day ($180.03) moving averages. These levels show that the long-term trend is still bearish. For SOL to turn bullish again, it would need to break above these moving averages.

Solana Price RSI and MACD Hint at Recovery

Some indicators suggest that the selling pressure may be slowing down. The RSI is at 28.93, which is in the oversold zone. This means the price may be too low, and a bounce could happen soon if buyers step in.

The MACD indicator also remains bearish, but its histogram bars are getting smaller. This is a sign that downward momentum is weakening. A bullish crossover on the MACD would support a stronger recovery.

If SOL manages to bounce, the first major target for buyers is the top of the falling channel around $150. Breaking this level could open the way for the next target near $180, where the 200-day moving average sits. Above that, a bigger resistance waits at $250, which is the year’s high.

But if the price fails to hold the $125 support, Solana could drop further toward $95, the next key support area.

For now, Solana’s direction depends on whether buyers can protect the support zone. The next few days will be important in showing if the trend will reverse or continue downward.