Solana ETF Smashes Records but SOL Price Stalls Below $200

Solana made headlines as its long-awaited exchange-traded fund (ETF) officially launched in U.S. markets — and the debut was nothing short of spectacular. 

Bitwise’s Solana ETF racked up a staggering $56 million in day-one trading volume, outperforming over 850 ETFs launched in 2025, including those tied to XRP and traditional equity sectors. 

Yet despite the record-breaking debut, Solana’s native token, SOL, struggled to hold its ground, posting a modest decline amid growing signs of technical weakness.

Solana ETF Launch Outpaces All 2025 Competitors

The arrival of the Solana ETF marks a milestone for altcoin-based financial products. After months of regulatory uncertainty and mixed analyst expectations, the product’s launch exceeded all projections. 

Bloomberg’s Eric Balchunas called Bitwise’s ETF “the strongest launch of any ETF in 2025,” showing institutional appetite for Solana exposure through regulated channels.

Corporate investors have increasingly funneled capital into crypto ETFs this year, following the momentum set by Bitcoin spot ETFs. But while Bitcoin’s ETF listings triggered long-term market structure shifts and a price rally, Solana’s market reaction has been more subdued. 

Despite institutional enthusiasm, SOL’s price fell even as ETF demand soared, suggesting that broader market factors are suppressing near-term price performance.

SOL Price Action: A Disconnect Between Wall Street and the Blockchain

On the daily chart, Solana continues to consolidate below the $200 resistance zone, with price action trapped between key levels of $192 and $197. 

Daily chart for SOL/USD (Source: GeckoTerminal)

The 9-day and 20-day EMAs have flattened, reflecting waning short-term momentum, while the MACD histogram remains positive but soft — hinting that bullish energy is fading after a brief recovery earlier this week.

The RSI’s mid-range positioning shows neutral momentum, supporting the view that the market is waiting for a catalyst. Ironically, the ETF debut may have been that catalyst — but with sentiment already priced in, traders used the event to take profits instead of adding new long positions. 

Analysts now warn that a long squeeze between leveraged traders and long-term holders could deepen the correction if SOL loses its immediate support near $192.74.

Order Book Insights: Bulls Defend the $190 Zone

The order book shows strong bid walls protecting the downside. A major wall at $190 holds over 31,000 SOL (~$5.9M) in bids, suggesting institutional or whale accumulation at this level. If it breaks, however, the SOL price could fall by roughly 2% toward $188, where another 10,500-unit bid wall (~$1.9M) awaits. Further losses to $185 could trigger an additional 4.5% dip before demand stabilizes.

On the flip side, ask walls near $198 and $200 cap upward momentum. The $200 wall (≈$1.47M) is particularly significant — clearing it could push SOL up around 3% to the next resistance near $203, where another wall awaits. For now, the liquidity map suggests a coiled market — buyers are defending support, but sellers are firmly entrenched just overhead.

Trading Outlook: Breakout or Breakdown?

For long traders, a convincing breakout above $200 with strong volume and MACD crossover confirmation could mark the start of a new leg higher. Conservative entries might favor accumulation near $190–$193, where the bid depth is strongest. 

Conversely, short traders may look for rejection signals near $200–$201, targeting pullbacks to $192 or $189 — levels that align with historical demand.

If Solana continues to ignore positive ETF developments, the market could reprice expectations for altcoin ETFs as a whole. 

While Bitcoin’s ETFs fundamentally altered its price cycles, Solana’s debut suggests that not all crypto assets will share the same trajectory. The launch may have solidified Solana’s position in institutional portfolios — but for now, retail investors are watching from the sidelines as price action remains trapped in consolidation.

Disclaimer: The information presented in this article is for informational and educational purposes only. It does not constitute financial advice. Ecoinimist is not responsible for any losses incurred. Readers should exercise caution before acting on this content.