REX Shares launches the first Solana Staking ETF in the United States, a breakthrough opportunity for the price of SOL?

REX Shares has made history by launching the first U.S. ETF focused on crypto assets staking, which began trading on Wednesday. This fund provides investors with the opportunity to directly invest in Solana (SOL) and benefit from its lucrative staking mechanism. Although Solana has shown signs of recovery in recent trading days, the upward momentum suddenly slowed on Tuesday. Do long positions have enough strength to break through important resistance levels in the coming days? Let’s look for answers through technical analysis.

SOL dropped from the 50-day Simple Moving Average (SMA) of $156 on Monday, indicating that the bears are actively defending this level.

(Source: Trading View)

On the other hand, long positions are trying to stop the decline at $148, the 20-day Exponential Moving Average (EMA). This reflects the market's buying sentiment for a slight pullback. If the rebound continues, the likelihood of breaking through the 50-day moving average will increase.

In this case, the SOL/USDT currency pair may pump to 168 USD, and even further to 185 USD.

However, the short positions may have other plans. They will attempt to pull the price towards the strong support area of 140 USD. It is expected that the long positions will firmly defend this area, as a drop below this area will open the door for further declines to 126 USD or even 110 USD.

On the four-hour chart, the currency pair rebounded from the 50-period Simple Moving Average (SMA) and broke through the 20-period Exponential Moving Average (EMA), indicating active buying at lower levels.

(Source: Trading View)

If the long positions successfully keep the price above the 20-period moving average (EMA), the SOL/USDT coin pair may rise to $155, and then to $159.

If the price breaks and closes above $159, the inverse head and shoulders pattern will be completed, with an expected target price of $192.

On the contrary, if the price falls below and closes under $144, it indicates that bears are selling off at each pullback. The currency pair may subsequently drop to the support level of $140-137.