VanEck Launches Solana ETF on Nasdaq as SOL Tests Major Support Levels

VanEck has officially launched its Solana ETF (VSOL) on Nasdaq, becoming the latest asset manager to offer institutional investors a regulated entry point into the Solana market. The fund opened on November 17, following a seeded basket purchase completed at the end of October. The ETF carries a unified expense structure, but VanEck has announced that it will waive its sponsor fee on an initial portion of assets for a limited time.

The company also plans to stake part of its holdings through external validators, with staking rewards to be distributed back to the fund. According to VanEck, its first staking provider has agreed to waive the validator fee during the same introductory period, potentially boosting early returns.

This marks the third Solana-related ETF to enter the U.S. market, following similar products from Bitwise and Grayscale. Both of these funds recorded strong inflows in their inaugural weeks, signaling sustained institutional interest in Solana exposure. Grayscale, for example, recently reduced its staking fee to pass more yield to investors, while Bitwise and VanEck are competing by temporarily suspending their management costs.

“Easily the biggest asset manager in this category with BlackRock sitting out,” said Bloomberg ETF analyst Eric Balchunas, who also noted that Fidelity’s Fidelity Solana ETF (FSOL) is expected to launch as soon as Tuesday.

Institutional products expand despite weak Solana performance

The launch of VanEck’s ETF comes during a turbulent phase for Solana. The token has experienced one of its sharpest monthly corrections of 2025, falling around $136–$138, down nearly 18% for the week and at a five-month low. Over the broader timeframe, Solana’s chart has formed a clear sequence of lower highs and lower lows, reflecting sustained selling pressure since its peak near $210 earlier in the year.

Analysts note that Solana’s price is currently perched just above a critical support zone between $134 and $140, a range that has historically triggered large directional moves. “The red support block around $134 to $140 is being stressed again, and the repeated tests show weakening absorption. But the zone hasn’t broken yet, creating a genuine pivot point,” explained a technical overview by analyst Henry via X.

If buyers defend this range, a rebound toward $165–$175 could develop. Conversely, a decisive breach below it may open the door to deeper losses, with technical levels suggesting potential downside toward $120 or even $105.

Lower-timeframe signals are offering mixed clues. Analyst Crypto Umair identified bullish divergences on the 4-hour and daily RSI, which could hint at short-term stabilization. Meanwhile, Ali Martinez’s chart showed a TD Sequential “1” buy signal emerging near the $138–$142 zone, a typical indication of selling exhaustion. However, most technical models remain aligned bearishly across moving averages and oscillators, with Solana trading well below its 200-day SMA of $180.

$47 million in liquidations amid extreme fear

Market volatility intensified in recent sessions, with more than $1.01 billion in crypto liquidations recorded over the last 24 hours, including $47.11 million in Solana long and short positions. Data from Coinglass revealed that SOL’s 24-hour trading volume surged 76% to $9.17 billion, a sign of panic-driven activity.

The Crypto Fear & Greed Index also plunged to 15 (Extreme Fear), underscoring the defensive sentiment across crypto markets. With Solana’s high beta, roughly 3.5x Bitcoin’s volatility, the asset has been particularly sensitive to BTC’s sharp declines.

Despite the VanEck ETF debut, sentiment in the Solana ecosystem remains fragile. Combined Solana ETF holdings across all providers currently total around $58 million, far below the $133 billion managed in Bitcoin ETFs. Grayscale’s fund also saw minor outflows as staking rewards dropped to 5.8% APY, reducing yield attractiveness.

Outlook: key levels to watch

Solana’s near-term outlook hinges on its ability to hold above current support. A rebound above $150 could signal a relief phase, but a breakdown below $134 would likely expose the $120 and $105 regions. Technical dashboards continue to show bearish alignment across key indicators:

• RSI (14): 32.83 – Weak momentum, near oversold.
• MACD (12, 26): –14.50 – Indicates strong bearish momentum.
• Stochastic %K (9.62): Stabilizing demand, but no trend reversal.

Major resistance now sits at the 20-day EMA of $156 and 50-day SMA around $185, levels where short-term rallies could face renewed selling.

Even amid the correction, analysts expect U.S. Solana ETFs to attract gradual institutional inflows. Stability at key price levels could restore confidence and support ETF accumulation over time. For now, VanEck’s launch represents both a milestone for crypto-based financial products and a critical moment for Solana’s market direction.

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