The cryptocurrency market was bullish on Wednesday following a poor start to the week. Bitcoin rallied by nearly 3% to retest the $110k mark before retracing to now trade around $108,900. Solana’s SOL was one of the best performers among the top 10 cryptocurrencies by market cap, surpassing the $150 psychological mark in the process. Backed by strong fundamentals, SOL could be on the verge of a breakout as analysts expect a volatile July. The REX-Osprey Solana + Staking ETF hits $33m in trading volume on debut day The major driver behind SOL’s recent rally is the launch of the REX-Osprey Solana + Staking ETF. The ETF began trading on Wednesday and recorded one of the best debut days for exchange-traded funds. Bloomberg Senior ETF Analyst Eric Balchunas revealed that the ETF recorded a $33 million trading volume on its first day, outperforming recent Solana and XRP ETF debuts. Eric Balchunas @EricBalchunas · Follow Replying to @EricBalchunas $SSK ended day with $33m in volume. Again, blows away the Solana futures ETF and XRP futures ETFs (or the avg ETF launch) but it is much lower than the Bitcoin and Ether spot ETFs. 10:01 PM · Jul 2, 2025 61 Reply Copy link Read 10 replies In addition to that, the fund closed the day with about $1 million in assets under management. According to the ETF issuer, the fund is regulated under the Investment Company Act of 1940 and uses Anchorage as a custodian. The high trading volume of the ETF suggests interest from Wall Street. Coinvo recently revealed that institutional interest in Solana funds continues to increase. Coinvo’s recent chart revealed that SOL futures volume on the CME has just hit an all-time high. This surge in volume from institutional investors is a strong sign that big players are actively positioning. MartyParty @martypartymusic · Follow #Solana News: Wall Street has discovered @solana – @CMEGroup $SOL Futures volume goes exponential. 7:53 PM · Jul 2, 2025 623 Reply Copy link Read 28 replies SOL targets $170, showing signs of recovery The SOL/USD 4-hour chart remains bearish, but indicators suggest the pair could rally higher soon. The chart is efficient, indicating that the bears have grabbed liquidity to the downside. Despite the bearish trend on the higher timeframe, SOL is showing signs of extending its recovery after adding nearly 4% to its value in the last 24 hours. The Relative Strength Index (RSI) of 60 shows that SOL is no longer facing selling pressure, with buyers increasingly taking control of the market. The Moving Average Convergence Divergence (MACD) lines are also within the positive territory, suggesting a bullish bias. SOL could be targeting the Transactional Liquidity (TLQ) level at $162 over the next few hours or so. If the rally continues, SOL could retest the next major resistance level at $174, its highest price since May 29. SOL is currently hovering around the $150 zone, with the support line suggesting that the current levels could be a base. If SOL could embark on a strong rally, key resistance levels to watch out for in the medium term include $220 and $300. However, if the bearish trend returns, SOL could retest the weekend low of $137 once again. An extended bearish run would see SOL dip further to the $125 support level, with the next key support around $99. The post SOL rebounds on staking ETF launch, targets $170 next appeared first on Invezz
