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The introduction of Bitwise’s Solana staking-focused BSOL ETP in Europe has positively impacted the price of Solana (SOL), pushing it up by 1.74% to $217. The ETP, offering a 6.48% staking reward and low management fees, has drawn significant attention from investors.
Solana Shows Strength Despite Market Correction
Despite a broader downtrend in the cryptocurrency market, Bitwise’s launch of its BSOL ETP has provided a bullish trigger for Solana. This development comes as SOL consolidates around the $210 level following a drop to $203 last week. Earlier on November 22, SOL had reached $263 before entering a period of sideways movement.
Notable crypto analyst Crypto Jelle shared an optimistic outlook, highlighting that Solana’s chart has formed a falling wedge pattern—a bullish formation. Jelle predicts that SOL could test the $300 level by the year’s end and potentially climb to $400 if a cup-and-handle formation materializes.
Current data from Coinglass shows SOL trading at $217, with open interest rising by 2.25% to $5.34 billion. These metrics underscore growing optimism among investors.
The BSOL ETP: A Game-Changer for Solana Staking
A key catalyst for this price movement is Bitwise’s collaboration with Marinade to launch BSOL, a Solana staking-focused ETP. This product surpasses its competitors with a 6.48% staking reward, outperforming 21Shares’ 5.49% rate. Additionally, BSOL’s low annual management fee of 0.85% has made it an attractive option for European investors.
The BSOL launch follows Bitwise’s recent filing for a spot Solana ETF in the U.S. While analysts believe U.S. approval may take time, other altcoins like Litecoin (LTC) or Hedera (HBAR) might secure regulatory approval first.
Critical Levels to Watch for Solana
Bitwise’s latest move has placed Solana back in the spotlight. Breaking through key resistance levels at $244 and $265 will be crucial for SOL to reach the $300 mark. The combination of staking rewards and competitive management fees offered by BSOL presents a compelling opportunity for Solana investors.
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