Ah, the great and powerful Solana, still reeling from its 50% plunge from its all-time high. ๐คฏ But fear not, dear investors, for the Volatility Shares LLC is here to save the day (or not) with its two new exchange-traded funds (ETFs) tied to Solana futures! ๐
These ETFs, which will begin trading today, will track the performance of Solana futures, because who doesn’t love a good game of follow-the-leader? ๐ค And for those feeling extra adventurous, there’s a 2x Solana ETF, because why settle for just a 100% return when you can have 200%? ๐คช
But don’t get too excited just yet, folks. The initial enthusiasm for Solana futures is, shall we say, lukewarm. ๐ฅ The daily trading volume is a mere $12.3 million, a far cry from the Bitcoin and Ethereum futures’ heyday. ๐
However, research firm K33 points out that this is not necessarily a bad thing. ๐ค After all, Solana’s market capitalization is still a fraction of Bitcoin’s and Ethereum’s, so maybe this is just a normal-sized launch? ๐ค
And speaking of normal-sized launches, Solana is currently trading at $131.6, down from its mid-January ATH. ๐ But don’t worry, it’s not all doom and gloom โ over the past 24 hours, Solana has gained more than 6%, partly thanks to the Federal Reserve’s decision to slow down its bond runoff program. ๐ค
From a technical perspective, the SOL price is approaching the 0.5 Fibonacci retracement level at $133, which closely aligns with the 100-day Exponential Moving Average (EMA) at $133.65. ๐ A daily close above both levels would be considered bullish, opening the possibility of a rally toward the 0.618 Fibonacci retracement at $166.7, which intersects with the 50-day EMA. ๐ In the longer term, traders are eyeing the mid-January ATH near $296 as a potential target โ although conquering the immediate resistance levels remains a critical hurdle. ๐ซ
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2025-03-20 23:48