Bitwise’s Solana Staking ETF (BSOL) Sees Robust First-Day Demand as GSOL Prepares NYSE Launch

Solana Holds Near $195 as Bitwise’s BSOL ETF Debuts, Grayscale’s GSOL Set for NYSE Launch

October 29, 2025 — Solana (SOL) stabilized around $195–$196 on Tuesday after briefly dipping below the key $200 threshold, as investor focus shifted to the rollout of two Solana-linked exchange-traded products.

Bitwise Asset Management said its new Solana Staking ETF (BSOL) recorded a strong debut on October 28, posting $55.4 million in first-day trading volume and $217.2 million in assets under management. The fund offers 100% staked exposure to Solana, seeking to capture an average 7% staking yield.

Meanwhile, Grayscale Investments confirmed that its Grayscale Solana Trust ETF (GSOL) will begin trading on NYSE Arca on October 29, providing investors another regulated avenue to gain SOL exposure, including potential staking rewards.

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Market Reaction and Volume Trends

Solana closed up 0.78% at $195.58, trailing the broader crypto market by 2.33 percentage points, according to CoinDesk Research. Prices slipped from $201.03 to $195.34 during early selling pressure before stabilizing into the close.

Trading activity was mixed — total volume came in 44% below the seven-day average, yet spiked to 2.56 million SOL (around 130% of the daily average) as the token fell under $200. Analysts described the rebound from $195.10 as a “capitulation-style” low that attracted fresh buying interest.

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On-Chain Context

Solana’s stablecoin market cap has surged to $16.25 billion as of October 14, nearly tripling from $5 billion at the start of the year. The increase points to growing DeFi liquidity and expanding on-chain utility, strengthening the network’s role in decentralized markets.

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Technical Picture

• Trend range: SOL remains confined between $194 and $203, forming lower highs at $204.11 and $203.12 — a sign of fading momentum on rallies.
• Support: First support sits at $194–$195, followed by deeper zones near $188–$180 if the lower band breaks.
• Resistance: Initial resistance emerges at $196.50–$197.00, with the $200 level and $203.12 marking the next ceilings.

The slip below $200 triggered a burst of sell-side activity before buyers reappeared near $195, keeping the short-term structure intact.

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Trading Outlook

With volume still below average, conviction remains muted despite the ETF headlines. Traders are watching for a decisive move outside the $194–$203 consolidation band to gauge the next directional trend.

• Bullish scenario: A breakout above $203 could open a path toward $210–$215.
• Bearish scenario: A drop under $194 could expose the $188–$180 area.

Until then, analysts expect continued range-bound consolidation, with near-term sentiment supported by institutional flows from the new ETF listings.

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