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1h ago

Solana Hovers Near $200 After Pullback as ETF Filing Revives Interest

With leverage reset after a selloff, $200 now stands as the deciding line for near-term direction.

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Overview

  • Solana traded around $195–$205 on Saturday after a weeklong slide, with the $200 mark acting as the key psychological and technical pivot.
  • Futures open interest has fallen to roughly $14 billion, down about 17% since Sept. 19, signaling reduced trader participation and a cleaner positioning base.
  • On-chain data points to large holders sending SOL to exchanges, and Glassnode shows short-term holder NUPL near 0.039, highlighting fragile conviction.
  • Canary Capital filed for a staking-enabled Solana ETF, and staking products have drawn fresh capital, including a reported $16.2 million daily inflow to REXShares and $10.5 million in SOL buys by REX-Osprey, though any approvals remain unconfirmed.
  • Analysts flag $206–$218 as the first upside hurdles for a rebound, while a loss of $200 raises risk of retests near $195.55, $180, and potentially the $160–$150 area.