Summary Nearly a year after the SEC opened the door to crypto ETFs, REX-Osprey has launched a Solana investing and staking ETF under the ticker SSK on the CBOE exchange. The technical picture is not looking the most bullish for Solana, despite a solid rebound on the Support 2. Prices formed a lower high double top and prices have been retracing since with RSI Momentum close to oversold on shorter timeframes. By Elior Manier The current session is marked by low volumes but still sees pockets of volatility, with broad profit-taking kicking in after two consecutive risk-on weeks. Global equities are in the red, and cryptocurrencies are also under pressure. Despite the growing institutional interest, crypto markets remain somewhat rangebound. Bitcoin ( BTC-USD ) has been trading between $100,000 and $110,000 for over a month, while Ethereum ( ETH-USD ) continues to consolidate between $2,300 and $2,700. Investor access to cryptocurrencies is gradually becoming more streamlined, especially with the increasing adoption of financial instruments like ETFs. Nearly a year after the SEC opened the door to crypto ETFs, REX-Osprey has launched a Solana ( SOL-USD ) investing and staking ETF under the ticker SSK on the CBOE exchange. While today's pullback is part of broader market softness, let's take a closer look at Solana's technical picture to assess ongoing trends and potential levels of interest. Solana Technical Analysis Solana Daily Chart Solana Daily Chart, July 4, 2025 - Source: TradingView The technical picture is not looking the most bullish for Solana, despite a solid rebound on the Support 2 (levels detailed right after), there is an ongoing downward trendline that bulls will have to break to the upside to regain control. Inflows into the ETFs are key to support prices in this new form of cryptocurrency investing, and has helped to hold ETH and BTC prices at their levels for quite some time - Let's see how the launch of the SSK ETF helps in that aspect. Levels to keep on your chart: Support Levels: Immediate support $145 Support 2 $125 to $132 Support 3 $100 to $105 Resistance Levels: Current Pivot $150 to $160 Resistance 1 $200 to $205 Resistance 2 $225 to $232 Resistance 3 $255 to $265 ATH $295 Solana 2H Chart, July 4, 2025 - Source: TradingView Prices formed a lower high double top and prices have been retracing since with RSI Momentum close to oversold on shorter timeframes. Buyers will have to hold the last bullish confluence before bears get into full control: The upward trendline, 2H MA 200 and more importantly, the immediate $145 support. Solana vs Ethereum Relative Performance SOL/ETH Price Ratio, July 5, 2025 - Source: TradingView One of the themes of past year crypto investing was the rewiring of flows into Solana (and even more dominantly Bitcoin) - with major outflows from the ETH as the Solana protocol offers pretty similar technology but somewhat cheaper and more efficient for blockchain development. This led to a massive adoption of SOL, pushing the crypto to its $295 all-time highs, particularly towards the end of 2024. Since, Ethereum has found some strength. The upcoming challenge for markets will be to see if altcoins get more attraction as Bitcoin levels stay elevated, and if the new Solana ETF captures a bigger market share. Key levels to hold for the SOL/ETH Price Ratio is 0.057 (5.70%) - current levels and 0.03725 (3.725%) on the downside. Further upside above 7% and 9% (current highs 0.093) for Solana performance above Ethereum. Safe Trades! Original Post Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.
