Solana Price Eyes Breakout as New ETF Tracks SOL Performance

The Solana ecosystem took a step toward mainstream financial exposure after the Canary Marinade Solana ETF filed an amended S-1/A with the SEC. The exchange-traded product aims to track Solana’s price performance while incorporating staking rewards as part of its return strategy. The ETF, sponsored by Canary Capital Group LLC, will trade on the Cboe BZX Exchange under the ticker “SOLC” once approved.

Unlike traditional funds, the Trust will not register under the Investment Company Act of 1940 or the Commodity Exchange Act. This means investors will not receive protections that apply to mutual funds or commodity pools. However, it will still offer transparent exposure to Solana (SOL) through a structure designed for institutional and retail investors seeking regulated crypto exposure.

ETF’s Structure and Staking Integration

According to the filing, the Trust will issue shares representing beneficial interests in baskets of 10,000. Authorized participants will exchange cash or SOL for these shares. The ETF’s net asset value (NAV) will be calculated using the CoinDesk Solana CCIXber 60-minute New York Rate, ensuring accurate price tracking.

The Custodian, BitGo Trust Company, will hold the Trust’s Solana, while Sous Vide Ltd. (Marinade Finance) will serve as the initial staking provider. Staking rewards will be integrated into the Trust’s performance, adding an additional yield layer. Besides traditional exposure, this staking component allows investors to indirectly benefit from network participation, an uncommon feature among crypto ETFs.

Solana Price Analysis and Technical View

At the time of writing, Solana was trading around $212, down over 3% in 24 hours and 9.6% for the week. Despite short-term pressure, data from curb.sol indicates renewed bullish momentum after reclaiming the $195 support zone. 

Source: X

The token is consolidating around the $223 region, where a sustained move above could trigger a breakout toward $300 and $450. A weekly close above $250 may signal the start of a medium-term rally targeting $1,000 by December. Failure to hold the $195 base, however, could extend retracements toward $170.

Analyst Outlook on Market Correction

Market analyst Umair Crypto observes that Solana is testing the 50-day SMA near $218 and forming a potential bull-flag structure. However, he believes a controlled dip is necessary before the next leg higher. 

Umair adds that revisiting the 200-day SMA around $184 could flush out weak hands and prepare the market for sustained upside momentum. Consequently, maintaining strength above $236 would invalidate near-term corrections and reopen medium-term targets toward $285.