Grayscale Files with NYSE to Launch a Solana Exchange-Traded Fund (ETF)

The filing seeks to convert the company's current Solana Trust, worth of $134.2 million, into a spot Solana ETF.

Grayscale Technologies, a leading digital currency asset manager, has filed with the New York Stock Exchange (NYSE) to launch a Solana Exchange-Traded Fund (ETF).

The filing aims to convert the company’s existing Solana Trust, valued at $134.2 million, into a spot Solana ETF.

The move comes as part of Grayscale’s strategy to expand its range of crypto investment products and attract more institutional interest.

If approved by the NYSE, investors will be able to trade Solana on a regulated securities exchange.

At present, the Solana Trust holds approximately 0.1% of the total distributed Solana tokens.

Technical analysis indicates bullish consolidation for Solana (SOL), with the critical support level at $258.41 and resistance at $424.66.

Analysts project a price target of $513.83 if support holds and trading volume increases upon breakout.

Solana’s price is consolidating just below the upper boundary of a bullish formation on the weekly chart, suggesting building momentum towards the upside.

The lower boundary of the consolidation range serves as the critical support level at $258.41, with further support at $217.70.

A breakout from the consolidation range could see SOL heading towards the next resistance level at $424.66, followed by $513.83 over the longer term.

However, if support breaks below $258.41, a retest of $217.70 is likely, maintaining the long-term bullish bias.

Failure to hold this support could lead to a drop towards the lower boundary of the bullish formation at $167.09.

According to market data, Solana’s price at press time was $248.63, with a 24-hour trading volume of $7.4 billion.

The price showed a decrease of 5.48% over the last 24 hours but an increase of 4.04% throughout the past week.

Analysis of aggregated open interest (OI) data from Coinalyze reveals a drop from a peak of $5.1 billion on Jan 19 to $3.8 billion at present.

This indicates a decrease in market participation or liquidation as traders analyze the market direction.

Investors are proceeding cautiously with continued monitoring of key levels, following a brief recovery on January 23.