According to @FarsideUK, Solana (SOL) experienced a significant price drop, declining 7.84% to $145.08, while the broader crypto market only fell 0.24%. This sell-off occurred just one day before the launch of the first U.S.-based Solana staking ETF, the REX-Osprey SOL + Staking ETF (SSK), on July 2, 2025. Technical analysis from the source shows SOL faced strong resistance at $157.42 and established support near $146.55 amid elevated trading volume. Despite the potentially bullish catalyst of the new ETF, which offers direct SOL exposure and staking rewards, the market showed caution as SOL formed a clear descending channel with lower highs and lower lows throughout the trading session.

According to Crypto Rover, citing a Bloomberg analyst, Ethereum (ETH) and Solana (SOL) staking ETFs could be approved as early as June 2025. The analyst highlights that these ETFs may bypass the traditional 19B-4 regulatory process, significantly reducing approval time to just weeks. For traders, this development is critical as it could drive substantial new institutional inflows into both ETH and SOL, likely increasing volatility and trading volume across the crypto market. The rapid ETF approval process may also set a precedent for other crypto-based ETF products, enhancing overall market liquidity and potentially supporting bullish sentiment in the near term (Source: Crypto Rover on Twitter, May 31, 2025).