Solana Stabilizes Around $195 as Bitwise’s BSOL ETF Launches, Grayscale’s GSOL Heads to NYSE
October 29, 2025 — Solana (SOL) steadied near $195–$196 on Tuesday after briefly dipping below the $200 mark, as fresh ETF launches from Bitwise and Grayscale brought renewed institutional focus to the network.
Bitwise Asset Management announced that its Solana Staking ETF (BSOL) began trading on October 28, recording $55.4 million in first-day trading volume and $217.2 million in assets under management. The fund provides 100% staked exposure to SOL, targeting an average yield of around 7% from staking rewards.
Separately, Grayscale Investments confirmed that its Grayscale Solana Trust ETF (GSOL) is set to begin trading on NYSE Arca on October 29, expanding access to Solana through a regulated, spot-based vehicle that also includes potential staking exposure.
Market Recap
SOL ended the session up 0.78% at $195.58, lagging the broader crypto market by about 2.3 percentage points, according to CoinDesk Research. The token fell from $201.03 to $195.34 before rebounding modestly into the close.
Trading activity showed contrasting signals — overall volume was 44% below the seven-day average, but surged to 2.56 million SOL (around 130% of the daily average) during the brief breakdown below $200. Analysts characterized the rebound from $195.10 as a short-lived capitulation, where buyers quickly absorbed sell pressure.
Network and Liquidity Metrics
Solana’s stablecoin market capitalization climbed to $16.25 billion as of October 14, a near 200% increase year-to-date from $5 billion. Analysts view this as a sign of expanding DeFi liquidity on the Solana network, underlining its growing role as a high-throughput blockchain for trading and decentralized finance.
Technical Snapshot
- Range: SOL continues to consolidate between $194 and $203, with lower highs forming at $204.11 and $203.12, suggesting persistent selling on rallies.
- Support: The first layer sits at $194–$195; failure here could expose $188–$180.
- Resistance: Immediate resistance lies around $196.50–$197.00, followed by the $200 psychological level and a stronger cap near $203.12.
The dip below $200 triggered a volume spike, hinting at stop-order execution, before stabilization near $195 reaffirmed short-term buyer interest.
Trading Outlook
Despite high-profile ETF headlines, market conviction remains muted as trading volumes stay below trend. Analysts expect SOL to remain range-bound until a clear breakout emerges:
- A move above $203 could invite a retest of $210–$215, signaling renewed bullish momentum.
- A drop below $194 could open the path toward $188–$180, where stronger buying support may appear.
Until a decisive move occurs, traders are viewing the $194–$203 range as a tactical equilibrium zone — with sentiment modestly supported by the influx of regulated Solana investment products.
