Solana (SOL) is back in the spotlight. With the launch of the first Solana ETF in the United States, interest in the altcoin is surging. Analysts see a scenario where SOL could rise to $400 or higher, fueled by institutional inflows and staking rewards.

The first US-based Solana ETF

The Bitwise Solana Staking ETF (ticker: BSOL) debuted on the New York Stock Exchange on Tuesday. It is the first US spot ETF with 100% direct exposure to SOL, including built-in staking that provides around 7% annual returns via network rewards. Bloomberg analyst Eric Balchunas confirmed that Grayscale‘s Solana Trust (GSOL) will also convert to a spot ETF on Wednesday, giving investors another regulated avenue to access SOL and staking rewards.

Crypto analyst Bitcoinsensus noted that the ETF launch is a major milestone for Solana and altcoin ETF adoption. “The ETF also gives investors full access to staking features,” he wrote on X. Similar Solana ETFs, like the REX-Osprey Solana Staking ETF (SSK), saw rapid institutional inflows – over $12 million on the first day of trading. JPMorgan predicts that a Solana ETF could attract $3–6 billion in its first year, based on Bitcoin and Ether ETF adoption rates.

SOL price shows bull flag pattern

Technically, SOL is forming a bull flag pattern on the weekly chart. This pattern consists of a sharp upward move (the “flagpole”), followed by a short consolidation phase where the price moves sideways or slightly downward (the “flag”). A breakout above the top of the flag could trigger a strong, rapid, parabolic price rise. The upper boundary of the flag is around $205, with a potential target of $412, a 104% increase from the current level of approximately $203.

The RSI (Relative Strength Index) also supports this bullish outlook. Rising from 34 in June to 53 this week, upward momentum is steadily increasing. Analyst BitBull notes that SOL still holds the 3-year support trendline, and a weekly close above $280 could trigger a massive rally. According to him, a $400–$500 SOL this cycle is possible.

What does this mean for investors?

The Bitwise Solana ETF could bring additional institutional capital to SOL, while built-in staking offers extra returns. Technical signals point to a potential price increase to $412 or higher, provided the bull flag pattern breaks out. Buyers appear in control, as seen in the rising RSI and positive price action. A breakout above $220 could open the way to $260 and beyond, making SOL an interesting opportunity for both long-term holders and active traders.

Conclusion

The combination of the first US Solana ETF, institutional inflows, staking rewards, and bullish technical patterns paints an optimistic picture for SOL. While macroeconomic factors always play a role, this ETF launch could be a key catalyst for Solana‘s price in the coming months.

Disclaimer: This is not financial advice. Always conduct your own research and consult a professional advisor before investing.