CoinShares Withdraws from Solana ETF Proposal Following Deal Breakdown
CoinShares Withdraws ETF Application: CoinShares has pulled its application for a staked Solana ETF in the U.S. after a failed asset deal, halting its entry into the market despite strong inflows for other staked SOL ETFs.
Contrasting ETF Growth and SOL Prices: While staked Solana ETFs saw over $419 million in inflows in November, the spot price of SOL fell to multi-month lows, indicating a disconnect between ETF demand and the underlying asset's performance.
Impact on Other Altcoin ETFs: CoinShares also withdrew plans for ETFs linked to XRP and Litecoin, reflecting shifting priorities amid market conditions, while other issuers continue to launch altcoin ETFs in the U.S.
Market Dynamics and Investor Behavior: Despite the inflows into staked SOL ETFs, the overall demand for SOL has been weak, driven by profit-taking and reduced network activity, highlighting the challenges in the current crypto market.
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Technical Analysis for SOL
Technical Sentiment Analysis for Solana (SOL) As of , Solana (SOL) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for SOL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, SOL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Solana (SOL) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 17.683 | 42.592 | 69.303 | 94.212 | 120.923 | 145.832 | 172.543 |
| Fibonacci | 42.592 | 62.311 | 74.493 | 94.212 | 113.931 | 126.113 | 145.832 |
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