The Solana price made a strong bullish breakout this week as the crypto market rally began, with Bitcoin reaching its all-time high. SOL jumped to a high of $160, up 30% from its lowest point in June. This article explores what to expect now that the REX-Osprey SOL + Staking ETF (SSK) assets are surging.
Solana Staking ETF Assets are Surging
Solana price continued its strong rally as Bitcoin gained momentum. Historically, like other cryptocurrencies, Solana does well when Bitcoin is in a strong bull run.
The token also gained momentum as the recently launched SSK ETF continued to add assets. Data on its website shows that the fund has achieved over $61.3 million in assets, less than two weeks after launch.
This asset growth is notable for two main reasons. First, the SSK ETF is not a low-cost fund, as it has an expense ratio of 0.75%, which is higher than that of many crypto ETFs. For example, the popular iShares Bitcoin ETF (IBIT) has a 0.25% ratio.
Second, the ongoing asset growth signals that there is demand for Solana among Wall Street investors. As such, there is a likelihood that the spot Solana ETFs will have substantial inflows when approved.
SSK’s main benefit compared to these planned ETFs is that it features staking, where users receive a monthly reward. Data shows that Solana stakers are receiving a 7.32% staking reward, which is higher than most dividend ETFs, such as SCHD and DGRO.
Furthermore, there are indications that Solana’s ecosystem is expanding. The total value locked (TVL) has surged to over $21 billion, with the stablecoin supply surpassing $11 billion.
Solana’s DEX volume has soared, a trend that will continue now that most Solana meme coins like Bonk, Dogwifhat, and Fartcoin have surged. The total market capitalization of all these tokens has jumped to over $12.2 billion.
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Solana Price Technical Analysis
The daily chart shows that the SOL price has jumped in the past few days. It moved above the 50-day and 100-day Exponential Moving Averages (EMA), which is a positive thing.
The Relative Strength Index (RSI) has risen above the neutral point of 50 and is trending upward. It has reached its highest level since May 22nd of this year.
SOL price has formed a symmetrical triangle pattern, and the two lines are nearing their confluence level. Therefore, the token will likely have a strong bullish breakout as bulls target the psychological point of $200. This outlook will be confirmed if it rises above the upper side of the triangle pattern.
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