Solana rallied to $161 after news of the first Solana-based ETF with staking capabilities, but analysts expect a possible pullback due to technical indicators.
An ETF announcement by REX Shares led to a 7% jump in SOL price, reaching $161, before settling around $157.
Around $585 million worth of SOL tokens are set to unlock over the next two months, potentially adding selling pressure.
Technical indicators show a bearish bias for Solana, with descending channel and rising wedge formations suggesting a possible pullback towards $138.75 or lower.