Despite the market pullback, Solana's stock price still rose 1.74% to $217 with the asset management company Bitwise launching the Solana staking ETP with the stock code BSOL in Europe. This news rekindled hopes among Solana investors who had been on the sidelines for the past few weeks as SOL consolidated around $210.
Will the price of Solana quickly rise to a historical high of $300?
After reaching a high of $263 on November 22, the price of Solana has been consolidating for the past few weeks, showing signs of recovery after hitting a low of $203 last week. Despite the drop in Bitcoin prices and a broader market correction, SOL bulls have shown relatively greater strength today. To challenge the prevailing bearish sentiment, popular crypto analyst Crypto Jelle has provided a contrarian view on Solana (SOL).
Crypto Jelle points out: "Many have given up on SOL, but the charts tell a different story." He notes that the asset is forming a descending wedge—a bullish technical pattern—close to a key resistance level that recently turned into support. The analyst remains optimistic, predicting that the price of Solana may rise to a historical high before the end of the year, despite widespread doubts.
With Solana's price expected to soar again to $300, it needs to break through resistance levels at $244 and $265. However, with the breakout of the cup and handle structure, the potential rise in SOL prices could further extend to $400. As of the time of writing, according to Coinglass data, the SOL price is trading at $217, with open interest soaring 2.25% to $5.34 billion.
Bitwise Solana Staking ETP launched
Popular crypto asset management firm Bitwise has partnered with Marinade to launch the Solana Staking ETP (BSOL), which is its staking provider. This development comes within a month of Bitwise applying for a Solana spot ETF in the U.S. However, market analysts indicate that gaining approval for a Solana ETF in the U.S. may take time, while other altcoins like Hedera (HBAR) and Litecoin (LTC) may be approved first.
Bitwise has secured a spot in the European Solana ETP market, with its ESOL product managing $24 million in assets. However, ESOL has faced criticism from investors due to a lack of staking rewards, which are becoming increasingly lucrative for Solana investors. The newly launched Bitwise Solana ETP (BSOL) addresses this issue by incorporating staking rewards.
Although the Solana ETP issuer does not offer a full staking rewards rate, Bitwise's BSOL will pay 6.48%. This is slightly higher than the 5.49% offered by 21Shares' Solana staking ETP (the fifth largest crypto ETP in Europe). Additionally, BSOL's annual management fee is 0.85%, while 21Shares' annual management fee is 2.5%, making it competitive.