Solana Drops Below $146 Despite Imminent Launch of First U.S.-Based SOL Staking ETF

Solana SOL$132.67 declined 7.84% over the past 24 hours, trading at $145.08 as of 20:03 UTC on July 1, 2025, according to CoinDesk Research's technical analysis model; during the same period, the broader crypto market, as indexed by the CoinDesk 20, went down only 0.24%.

SOL's sharp drop comes just one day before a major milestone for the ecosystem: the launch of the REX-Osprey SOL + Staking ETF.

Set to debut on July 2, 2025, the REX-Osprey SOL + Staking ETF (ticker: SSK) is the first U.S.-listed exchange-traded fund to provide direct exposure to Solana’s native token while also offering access to staking rewards. Unlike traditional crypto ETFs that only track price, this fund enables holders to passively benefit from Solana’s proof-of-stake reward system.

Approximately 80% of the ETF’s assets will be allocated to SOL, with roughly 50% of those tokens actively staked. The fund is structured under the Investment Company Act of 1940, a framework generally viewed as more favorable from a regulatory standpoint than the 1933 Act. The 1940 Act structure may improve investor protections and expedite approvals, which could influence broader institutional participation.

Analysts say this launch represents a major step for Solana’s credibility among U.S. financial institutions. By integrating yield generation directly into the ETF, it offers a more comprehensive exposure to the asset than spot-tracking funds. Some market participants believe it could serve as a catalyst for long-term adoption, particularly as other firms including Grayscale, VanEck, and Bitwise pursue similar SOL ETF applications.

However, despite the ETF’s pending launch, SOL saw broad-based selling pressure on Monday, underscoring the market’s cautious stance ahead of the event.

Technical Analysis Highlights

• SOL declined $12.34 over the past 24 hours, dropping from $157.42 to $145.08 — a 7.84% loss with a price range of $12.34.
• Strong resistance was encountered at $157.42 during the first hour of the analysis window, followed by consistent selling pressure throughout the session.
• The largest volume spike occurred during the 06:00 UTC hour, exceeding 1.57 million units, with price rejection near $151.50.
• upport emerged at $146.55 during the 14:00 UTC hour, also coinciding with elevated volume, indicating accumulation interest around that level.
• In the final hour of the analysis window from 19:01 to 20:00 UTC, SOL declined further from $146.31 to $145.08, hitting its lowest price of the day.
• Price action formed a well-defined descending channel, characterized by lower highs and lower lows across the entire trading period.

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