REX Shares launches the first Solana staking ETF in America: A breakthrough opportunity for SOL price?

REX Shares has just marked a historic milestone by launching the first ETF in America focused on cryptocurrency staking, officially opening for trading on Wednesday. This fund provides investors with the opportunity to gain direct exposure to Solana (SOL) and benefit from the profitable staking mechanism.

Although the price of Solana has shown some positive signals in recent sessions, the upward momentum unexpectedly stalled on Tuesday. Will the bulls have enough strength to break through the important resistance zone in the coming days? Let's explore through technical analysis to find the answer.

Solana Price Forecast

Solana (SOL) has reversed from the 50-day simple moving average (SMA) at $156 on Monday, indicating that the bears are strongly defending this level.

Daily chart of SOL/USDT | Source: TradingViewOn the contrary, the bulls are trying to stop the decline at the 20-day exponential moving average EMA( at $148. This reflects a buying sentiment as the price slightly adjusts. If the recovery is sustained, the likelihood of breaking through the 50-day SMA will increase. Then, the SOL/USDT pair could target $168 and further to $185.

However, the bears may have other plans. They will try to pull the price down to the strong support area at $140. This is the area that the bulls are expected to defend fiercely, as if it is breached, it will open the door for a deeper decline to $126, even to $110.

![])https://img-cdn.gateio.im/webp-social/moments-07ba47ea5ccef5f993ac0bb41c95420e.webp(The SOL/USDT chart on the 4-hour timeframe | Source: TradingViewOn the four-hour chart, the pair has bounced from the 50-period SMA and has moved above the 20-period EMA, indicating strong buying pressure at lower price levels. If the bulls can maintain the price above the 20 EMA, the SOL/USDT pair could rise to $155, then continue up to $159.

If the price breaks out and closes above the level of $159, the inverse head and shoulders pattern will be completed, with the expected price target at $192.

On the contrary, if the price breaks and closes below $144, it indicates that the bears are selling in every bounce. At that point, the pair could drop to the support area of $140–$137.

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