Solana climbed above $107 on Tuesday, showing signs of stabilization after falling the previous day. The upward move came as buyers targeted the 50-day exponential moving average, a commonly watched technical level for the cryptocurrency.
Second spot Solana ETF launches in Hong Kong
On Monday, Solana announced that the Pando Solana ETF would debut on the Hong Kong Stock Exchange the following day. This product becomes the city’s second spot Solana exchange-traded fund, broadening institutional access to SOL via familiar investment vehicles.
Pando Asset, an investment management company specializing in digital asset products, partnered with local market participants to bring the new ETF to market. The launch underscores Hong Kong’s push to remain competitive in digital asset adoption and regulatory clarity across Asia.
While the ETF’s listing is expected to enhance Solana’s institutional footprint, actual trading volumes and fund flows will be the key indicators of long-term investor appetite for the asset.
Solana’s latest announcement highlighted that institutional-grade products like spot ETFs offer new gateways for professional investors, but ongoing demand will depend on market sentiment and flows.
In addition, Solana spotlighted the onchain tokenization of USDGO Plus SP, a market-neutral digital asset fund now available for eligible professional investors in Hong Kong. This fund is built on USDGO, a regulated stablecoin with a circulating supply exceeding $1 billion and regulated in the United States.
OSL Group, a digital asset platform headquartered in Hong Kong, managed the tokenization and distribution of the fund, further broadening local financial products built on Solana’s blockchain.
Mini dictionary: OSL Group, a leading digital asset platform in Asia, offers trading, custody, and tokenization services, and provides institutional solutions for cryptocurrencies and tokenized securities.
Despite these launches, net outflows from spot Solana ETFs persisted for a sixth straight session, with CoinGlass reporting withdrawals totaling $700,000 on Monday. The recent outflow, however, was smaller than those recorded over the past week, hinting at a potential slowdown in selling pressure.
| Day | Net Outflow (USD) |
|---|---|
| Monday | $700,000 |
| Previous week (peak daily) | Above $1 million |
A sustained return to positive ETF inflows would signal improved sentiment among professional investors and support further price recovery. For the time being, lingering outflows remain a challenge for upward momentum.
SOL price outlook and technical levels
Solana’s price trend remains under pressure, with SOL registering a 4% loss in the past 24 hours. Tuesday’s rebound brought SOL to $106.54, just below its 50-day EMA, which sits at $107.49. This moving average acts as a key support and resistance level for short-term traders and analysts.
If Solana can hold and rally above $107.49, it could target the September 28 high at $124.89, with further resistance ahead at $149.36. However, the price remains vulnerable given the muted technical readings.
The Relative Strength Index currently stands at 40, below the neutral midpoint of 50, while the Moving Average Convergence Divergence (MACD) indicator stays in negative territory. These signals reflect weak bullish momentum despite the brief recovery.
If Solana loses support at the 50-day EMA, prices could move towards the 100-day EMA at $99.34 and the 200-day EMA at $97.18. Horizontal support is also found around $96.19. In the case of a deeper selloff, trendline support between $84.82 and $77.07 may become relevant, potentially stabilizing further declines.
Momentum for SOL remains soft as technical indicators have yet to flash a decisive bullish reversal, keeping the outlook cautious while below the 50-day EMA.
