Solana price targets $300 with 6.48% yield staking ETP launch
Solana (CRYPTO:SOL) is showing strong potential for a price increase, with analysts predicting a breakout to $300.
This optimism comes after the launch of Bitwise's Solana Staking ETP (BSOL) in Europe, offering a 6.48% yield to investors.
Despite broader market corrections, Solana has risen by 1.74%, trading at $217.
This movement follows weeks of consolidation, with Solana fluctuating around $210.
The introduction of Bitwise’s BSOL has revived interest in Solana, especially as SOL price could soon break its resistance levels and make its way to new highs.
“Many have written off SOL, but the charts tell a different story,” crypto analyst Crypto Jelle stated.
He pointed to a falling wedge formation, a bullish technical pattern, near a key resistance level that has recently turned into support.
Jelle believes that Solana is on track for a price rally before the year’s end.
For Solana to continue its upward movement, it must overcome resistance levels at $244 and $265.
Should it clear these, the price could surge to $300 and potentially reach as high as $400 if the cup-and-handle pattern plays out.
The launch of the BSOL ETP, in collaboration with Marinade, aims to address criticisms of Bitwise’s previous Solana product, ESOL.
Unlike ESOL, the new BSOL offers staking rewards, a feature that has become increasingly important for Solana investors.
The BSOL staking rate of 6.48% surpasses the 5.49% offered by 21Shares’ Solana ETP.
The BSOL product also comes with a competitive annual management fee of 0.85%, lower than the 2.5% fee from 21Shares.
With the ETP launch, analysts remain bullish on Solana’s market prospects.
At the time of reporting, the price of Solana (SOL) was $216.17.
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