BSOL aims to address criticisms of its ESOL product, which lacked staking rewards.
Despite the broader market pullback, the Solana price is up 1.74% trading at $217 as asset manager Bitwise launches the Solana staking ETP in Europe with the ticker BSOL. The announcement revived hope among Solana investors who have been waiting on the sidelines for the past few weeks as SOL consolidated around $210.
After hitting the high of $263 on November 22, the Solana price has been moving sideways over the past few weeks and is showing signs of recovery after hitting a low of $203 last week. Despite the Bitcoin price drop and broader market correction, SOL bulls are relatively showing greater strength today. Challenging the widespread bearish sentiment, popular crypto analyst Crypto Jelle has offered a contrarian take on Solana (SOL).
"Many have written off SOL, but the charts tell a different story," Crypto Jelle noted. He pointed out that the asset is forming a falling wedge -- a bullish technical pattern -- near a key resistance level that recently flipped into support. The analyst remains optimistic, forecasting a potential Solana price rally to new all-time highs before the end of the year despite prevailing doubts.
As the Solana price eyes its next surge to $300, it needs to clear past the resistances of $244 and $265 in the midway. However, with the cup-and-handle breakout, the SOL price rally can extend further to $400. As of press time, the SOL price is trading at $217 with open interest surging 2.25% to $5.34 billion as per the Coinglass data.
Bitwise, the popular crypto asset manager launched a Solana Staking ETP (BSOL) on Monday in partnership with Marinade as its staking provider. The development comes within a month of Bitwise filing for a spot Solana ETF in the US. However, market analysts say that Solana ETF approval in the US might take time, and other altcoins like Hedera (HBAR), and Litecoin (LTC) may get the first pass.
Bitwise already holds a presence in the European Solana ETP market with its ESOL product having $24 million in assets under management. However, ESOL has faced investor criticism due to its lack of staking rewards, a feature that has been increasingly profitable for Solana investors. The newly introduced Bitwise Solana ETP (BSOL) addresses this issue by incorporating staking rewards.
While Solana ETP issuers don't provide the full staking reward rate, Bitwise's BSOL will pay 6.48%. his is slightly higher than the 5.49% offered by 21Shares' Solana staking ETP, the fifth-largest crypto ETP in Europe. Additionally, BSOL comes with a competitive annual management fee of 0.85%, compared to 21Shares' 2.5%.