TL;DR:
- VanEck has filed an application for an ETF that tracks the performance of JitoSOL (staked SOL).
- The fund will allow investors to gain exposure to Solana’s staking rewards without managing validators.
- Technical analysts maintain a bullish outlook for SOL, with price targets between $240 and $300.
Asset manager VanEck has taken a significant step in the adoption of structured cryptocurrency products by filing a formal application to launch an ETF based on JitoSOL. This proposed product, named the VanEck JitoSOL ETF, is designed to hold JitoSOL directly, a prominent liquid staking token (LST) on the Solana network.
VanEck seeks to capitalize on the growing demand for yield-bearing products within a regulated framework.
The trust’s structure mirrors previous spot Solana ETF filings, but with a key difference: its focus on yield. Each JitoSOL token represents staked SOL plus accumulated staking rewards.
This allows investors to gain exposure to the yields generated by Solana’s proof-of-stake (PoS) mechanism without having to take on the technical complexity of managing their own validator nodes.
According to the filing, the trust will allow authorized participants to create and redeem shares in blocks of 25,000, known as “baskets.” These transactions can be carried out in cash as well as “in-kind,” which involves the direct delivery of JitoSOL to the fund.
Importantly, the trust will not be registered under the Investment Company Act, as it will function purely as a digital asset trust.
Solana (SOL) Price Analysis and Market Expectations
This regulatory achievement coincides with a moment of technical strength for the Solana (SOL) market. At the time of the news, the SOL token is trading around $186, maintaining a 24-hour trading volume that exceeds $4.2 billion.
Despite a slight daily correction, analysts note that SOL is holding firm above the crucial support level of $180. The introduction of regulated products like the VanEck JitoSOL ETF could inject new confidence and institutional demand into the ecosystem.
Several technical strategists have offered bullish outlooks for SOL. Analyst Ali Martinez noted that the 200-day simple moving average continues to act as a key dynamic support.
Martinez believes that if buying pressure is sustained, Solana could experience a significant rebound towards $240 or even reach the psychological mark of $300.
Reinforcing this view, technical strategist NekoZ describes the current price pattern as part of a larger Elliott Wave structure. He suggests that Solana has completed its corrective phase and is entering a primary impulsive trend. NekoZ’s analysis points to $295 as the Wave 3 target, followed by a potential surge beyond $380 in Wave 5.
