Bitwise Highlights ‘Big First Day’ for Solana Staking ETF (BSOL); GSOL Listing Imminent on NYSE

Solana Holds Near $195 as Bitwise’s BSOL ETF Sees Strong Debut, Grayscale’s GSOL Set to List on NYSE

October 29, 2025 — Solana (SOL) held steady around $195–$196 on Tuesday after a brief dip below $200, as ETF launches from Bitwise and Grayscale brought renewed institutional attention to the token.

Bitwise Asset Management reported a strong debut for its Solana Staking ETF (BSOL), which began trading on October 28 with $55.4 million in first-day trading volume and $217.2 million in assets under management (AUM). The fund offers fully staked exposure to SOL and targets around 7% in annualized staking rewards.

Grayscale Investments said its Grayscale Solana Trust ETF (GSOL) will list on NYSE Arca starting October 29, providing another regulated avenue for investors to gain Solana exposure, including access to potential staking yields.

Market Action and Volume Trends

SOL ended the session up 0.78% at $195.58, underperforming the broader crypto market by roughly 2.3 percentage points, according to CoinDesk Research. The token fell from $201.03 to $195.34 before rebounding modestly into the close.

Trading volume was subdued overall—44% below the seven-day average—but spiked to 2.56 million SOL (about 130% of the daily norm) as the price broke below $200. Analysts described the rebound from $195.10 as a “capitulation dip” that drew in buyers around key support levels.

On-Chain and Network Indicators

Solana’s stablecoin market capitalization hit $16.25 billion as of October 14, a 200% increase year-to-date from $5 billion. The rise highlights deepening DeFi liquidity and underscores Solana’s expanding role as a high-performance blockchain supporting decentralized trading and lending.

Technical Landscape

SOL continues to consolidate between $194 and $203, with lower highs at $204.11 and $203.12 suggesting fading momentum on upward moves.

• Support: $194–$195 remains the first major floor; a breakdown could test $188–$180.
• Resistance: Nearby resistance sits at $196.50–$197.00, with additional ceilings at $200 and $203.12.

The quick rejection under $200 triggered a burst of trading activity before stabilization near $195, signaling buyers remain active at lower levels.

Outlook: Waiting for a Break

Despite positive ETF headlines, overall market conviction remains cautious. Analysts view the current $194–$203 range as pivotal:

• A break above $203 could reignite momentum toward $210–$215.
• A drop below $194 might invite deeper tests of $188–$180.

With volumes still below trend, traders appear content to wait for a decisive move outside this band — but institutional participation from BSOL and GSOL could provide the next catalyst for Solana’s next directional leg.