Solana Holds Steady Near $195 as Bitwise’s BSOL ETF Debuts, Grayscale’s GSOL Heads for NYSE Listing
October 29, 2025 — Solana (SOL) steadied around $195–$196 on Tuesday after briefly slipping under the key $200 mark, as new exchange-traded products from Bitwise and Grayscale put fresh attention on the network’s institutional growth story.
Bitwise Asset Management announced a strong launch for its Solana Staking ETF (BSOL), which began trading on October 28. The product recorded $55.4 million in first-day trading volume and $217.2 million in assets under management, offering fully staked exposure to SOL with a target yield of around 7% from staking rewards.
Meanwhile, Grayscale Investments said its Grayscale Solana Trust ETF (GSOL) will start trading on NYSE Arca on October 29, providing investors with regulated access to Solana’s spot and staking-based returns.
Market Reaction
Solana gained 0.78% to $195.58 during the session, trailing broader crypto market performance by about 2.3 percentage points, according to CoinDesk Research. The token fell from $201.03 to a low of $195.34 before rebounding modestly into the close.
Trading activity was mixed — total volume came in 44% below the seven-day average, yet a sharp spike to 2.56 million SOL (about 130% of daily norms) occurred during the brief drop below $200. Analysts said the rebound from $195.10 reflected a “capitulation flush” that quickly found renewed buying interest.
Network Momentum and DeFi Strength
Solana’s stablecoin market capitalization reached $16.25 billion as of October 14, a 200% year-to-date increase from roughly $5 billion. The expansion underscores Solana’s growing role as a DeFi liquidity hub, attracting capital flows from on-chain trading and lending platforms amid its high-throughput network capabilities.
Technical Landscape
SOL continues to consolidate between $194 and $203, forming lower highs at $204.11 and $203.12, indicating steady selling pressure on rallies.
- Support levels: $194–$195 initially; if broken, $188–$180 next.
- Resistance zones: $196.50–$197.00, with further ceilings near $200 and $203.12.
The brief breakdown below $200 triggered a volume surge as short-term traders exited, followed by stabilization near $195 — a sign of buyers defending key support.
Outlook: Range-Bound Until Catalyst
Despite ETF-driven enthusiasm, conviction remains moderate as liquidity and volumes stay below average. Traders are watching for a decisive move outside the $194–$203 corridor to define the next direction:
- Bullish breakout: Above $203 could open a run toward $210–$215.
- Bearish break: Below $194 could invite retests of $188–$180.
For now, Solana’s setup remains neutral to constructive, supported by steady on-chain growth and the arrival of regulated ETF products that may broaden institutional participation in the ecosystem.
