Moving onto Solana’s price prediction, the cryptocurrency recoiled from the 50-day simple moving average ($156) on Monday, demonstrating that the bears are strenuously guarding the level. On the flip side, the bulls are endeavoring to halt the pullback at the 20-day exponential moving average ($148). This implies purchasing on each minor dip. If the rebound persists, the chances of a surge above the 50-day SMA increase. The SOLUSDT pair might climb to $168 and potentially to $185.

However, sellers might have different plans. They’ll aim to drag the price down to the strong support at $140. Buyers are anticipated to guard the $140 level intensely, as a decline below it could pave the way for a drop to $126 and subsequently to $110.

The pair bounced off the 50-SMA on the 4-hour chart and ascended above the 20-EMA, indicating aggressive buying at lower price points. If the buyers can maintain the price above the 20-EMA, the pair might surge to $155 and then to $159. A break and closure above $159 would finalize an inverse head-and-shoulders pattern, with a target objective of $192. On the contrary, a break and closure below $144 suggests the bears are selling on every minor rally. The pair could then fall to the $140 to $137 support zone.

This article is not a source of investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making a decision.

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ETF analyst Eric Balchunas declared in a recent post, “All systems are ready for immediate launch,” following the submission of a fully completed updated prospectus by REX Shares.

ETF Store president, Nate Geraci, also expressed his optimism on the same day. He suggested that the SEC seems “comfortable” with REX Shares’ unique business structure used within the fund. This structure, a rare c-corp, had previously been pointed out by the SEC as conflicting with the 6C-11 rule, also known as “the ETF rule.”

According to Geraci, “It seems like they are confident in proceeding with their innovative ’40 Act structure.” He also added, “Here we go,” indicating the imminent launch of the ETF.

ETF analyst James Seyffart echoed this sentiment, noting that REX Shares’ approach to structuring their Solana (SOL) staking ETF proposal was “very unusual in the ETF world”. This approach allows them to bypass the standard 19b-4 filing process used by most other ETF providers for staking products, many of which are still awaiting a decision from the SEC.

On a positive note, Geraci announced on Friday, “It seems like they believe the comments have been resolved,” hinting at an imminent launch of the ETF. He added, “Crypto ETF summer commences.”

REX Shares revealed that “the first-ever staked crypto ETF” in the US is forthcoming. This REX-Osprey SOL and staking ETF aims to track Solana’s performance while generating yield through on-chain staking. REX Shares announced, “A new era of yield-generating crypto exposure is here.”

Staking has been eagerly awaited by many in the ETF industry. Earlier this year, Robbie Mitchnick, BlackRock’s head of digital assets, described the firm’s Ether ETF as a “tremendous success,” though he acknowledged the lack of staking as a key limitation.

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The SEC responded without any additional comments, sparking hope for a potential launch soon. Industry experts posit this could pave the way for REX Shares to introduce the nation’s first cryptocurrency ETF tracking staking rewards on the Solana blockchain.

Bloomberg’s Eric Balchunas, a leading ETF analyst, suggested that the SEC’s absence of objections is a significant indicator. He believes that this implies the proposal is likely on the brink of approval. “Rex also submitted a revised prospectus, which is entirely filled in. All things considered, it seems all systems are go for an impending launch. $SSK is the ticker,” Balchunas added.

Interestingly, REX Shares has initiated marketing its product as the inaugural staked crypto ETF in the US. The firm states that the product will trail Solana’s performance while generating returns through on-chain staking. However, it’s important to note that the SEC has not yet officially approved the product.

If given the green light, this would position REX Shares as the pioneer in offering a staking-based crypto ETF, outpacing competitors still chasing spot Solana products.

Nate Geraci, the president of ETF Store, highlighted that such a move could act as a stimulus for the industry. He suggested that this might inspire other applicants to investigate staked crypto offerings. “Seems like they believe comments have been addressed…Crypto ETF summer kicks off,” he noted.

Last month, the SEC achieved significant regulatory progress. The agency clarified that staking models alone do not inherently fall under securities laws. It also stated that additional features, such as bundled services or early redemption options, do not necessarily change that status. This guidance has motivated numerous asset managers to reconsider their ETF strategies. Many have submitted new proposals focusing on income-generating digital assets.

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Since their inception in July 2024, spot Ether ETFs have been eagerly awaiting the inclusion of a staking component. Many industry experts believe that without it, the product seems incomplete. The filings by REX Shares offer a “unique structure”.

James Seyffart, an ETF analyst, highlighted the distinctiveness of the REX Shares filing, stating that the ETFs are structured as c-corps, a rarity in the ETF world. While the launch date remains undisclosed, Seyffart suggests that it could occur within the forthcoming weeks.

In the filing, REX Shares clarified that the fund, as a C-corporation, will incur both current and deferred tax expenses. These liabilities, if any, will be reflected in the Fund’s Net Asset Value.

REX Shares’ proposed Solana and Ether staking ETFs, Seyffart explains, are 40-act funds with a unique structure that bypass the 19b-4 process. This comes after the Securities and Exchange Commission (SEC) postponed its decision on Bitwise’s proposal to add staking to its Ether ETF.

Seyffart predicts that the two crypto ETFs could be launched soon, with the funds gaining spot exposure to Ether and Solana through Cayman subsidiaries. He believes the imminent launch would demonstrate clever regulatory and legal maneuvering.

Despite the structure having its pros and cons, one significant advantage, according to Seyffart, is that it could secure some level of approval from the SEC. Nate Geraci, President of ETF Store, concurred, stating that REX Shares took “the regulatory end-around.”

Geraci also suggested that two crypto ETFs’ launch is imminent, with both ETFs intending to stake at least 50% of Solana and Ether. The introduction of staking has been a much-anticipated feature in the industry.

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