- European digital asset manager CoinShares has become the eighth company to file for a spot Solana ETF with the U.S. Securities and Exchange Commission.
- Following this news, Solana’s price has seen a strong recovery, eyeing the critical $160 mark, as bullish market momentum builds despite ongoing regulatory uncertainties.
CoinShares, a prominent European digital asset manager, has officially filed with the U.S. Securities and Exchange Commission to launch a spot Solana (SOL) exchange-traded fund. This marks the latest in a series of efforts by institutional players to gain regulated exposure to Solana. The filing, submitted on June 13, outlines plans to list the CoinShares Solana ETF on Nasdaq.
Solana ETFs Gain Traction Amidst Price Recovery
The proposed fund aims to offer investors direct exposure to SOL, by tracking the CME CF Solana–Dollar Reference Rate. For asset security, Coinbase Custody Trust and BitGo will act as custodians, storing the digital holdings in secure offline cold storage.
Interestingly, the filing also indicates that a portion of the fund’s holdings may be staked through selected providers to earn rewards, potentially benefiting investors. This staking feature is noteworthy, as the SEC has recently shown some openness to allowing such activities in crypto ETF products.
CoinShares’ filing is part of a broader trend, with seven other asset managers, including Fidelity, 21Shares, Franklin Templeton, and Grayscale, also having filed or amended their own Solana ETF applications. In total, eight firms are now in the race for Solana ETF approval.
Solana, often described as a faster, cheaper alternative to Ethereum, has gained significant traction. However, its historical volatility, regulatory uncertainty, and past network challenges continue to be factors in its path to mainstream adoption. C
oinShares’ bid, though not guaranteed, mirrors the growing demand for diversified crypto investment products in regulated markets. As the SEC reviews these filings, issuers and investors alike are watching for signals on how the regulator plans to handle the next generation of digital asset ETFs.
Following these institutional developments, Solana’s price showed a strong recovery last week, pushing its value to $156.84. This 2.5% daily gain came after buyers stepped in following a recent dip below $144. The surge gained strength after a key technical break was confirmed above $145, a demand area that sparked a shift in sentiment and led to a consistent upward move. SOL is currently trading at $152.84, down 2.83% in the last 24 hours.
Indicators like the RSI and MACD are flashing bullish signals, showing ongoing buying strength and capital inflows. Trend-following tools also confirm the upward bias. Volatility indicators are expanding, with price trading near the upper bands, which often precedes an aggressive price move when supported by strong volume.
The Volume Profile shows the $152 to $155 range was reclaimed with strength, flipping previous resistance into new support. VWAP (Volume Weighted Average Price) is positioned above $155, indicating continued accumulation. Smart Money Concepts also shows bullish intent, with confirmed patterns that invalidate prior bearish setups.
Solana now faces its most critical technical test in the $158 to $160 zone. A clean breakout above this area could open the path to the $167 and $176 levels. Failure to break through may lead to a pullback, with immediate support levels at $152.71 and $146.