Recent news regarding the launch of the Rex-Osprey Solana ETF and the return of staking on Robinhood has led to a sharp price increase for SOL, breaking above $160.
Launch of Rex-Osprey Solana ETF
The price of SOL surged after the announcement of the Rex-Osprey Solana ETF, which includes staking. Approval of the ETF is expected in the coming weeks following a recent delay by the SEC. Analysts predict the ETF will launch on Wednesday, fueling interest in SOL and contributing to a overall market rally.
Return of Staking on Robinhood
Robinhood has reintroduced staking for US users, including SOL and ETH. This decision was made in response to consumer demand, occurring after SOL returned to the platform in late 2024. The staking option is expected to yield up to 7.42%, making it an attractive option for investors.
SOL Market and Liquidations
The rapid rise of SOL led to $11 million in liquidated positions within four hours, primarily affecting short positions. About 33% of open interest in SOL remains in short positions. Successful ETF approval could lead to further price increases, potentially pushing SOL above $200 amidst rising open interest to over $3.9 billion.
In conclusion, the developments surrounding the Rex-Osprey Solana ETF launch and Robinhood's staking offerings have significantly impacted SOL's price and market conditions, leading to liquidations of existing positions.
