Solana ETF Proposal Signals Growing Institutional Interest in Digital Assets

The U.S. Securities and Exchange Commission (SEC) is currently reviewing two new cryptocurrency ETF proposals, marking a potential expansion of digital asset investment products. Invesco Galaxy has filed for a Solana ETF (ticker: QSOL), which would provide direct exposure to SOL, the sixth-largest cryptocurrency by market capitalization. This development underscores the increasing institutional interest in Solana and its ecosystem. Meanwhile, Canary Capital has submitted an unconventional fund tied to Pudgy Penguins tokens, indicating a diversification in crypto-based financial products. These filings reflect the evolving landscape of cryptocurrency investments and the growing acceptance of digital assets in traditional finance.

SEC Crypto ETF Filings Expand with Solana and PENGU Funds

The U.S. Securities and Exchange Commission is reviewing two new cryptocurrency ETF proposals, signaling a potential broadening of digital asset investment products. Invesco Galaxy filed for a solana ETF, while Canary Capital submitted an unconventional fund tied to Pudgy Penguins tokens.

Invesco's proposed Solana ETF, trading under the ticker QSOL, would provide direct exposure to SOL, currently the sixth-largest cryptocurrency by market cap. Galaxy Digital Funds would handle execution, with Coinbase serving as custodian. This marks the ninth Solana ETF application, joining filings from heavyweights like Fidelity and Grayscale.

The filings arrive amid growing institutional interest in altcoin ETFs, fueled by the successful launch of spot Bitcoin and ethereum products. Recent applications have increasingly incorporated staking provisions, allowing funds to generate yield on held tokens—a development that's becoming a focal point in regulatory discussions.

Solana Defends Key Support Level Amid Bearish Market Structure

Solana has demonstrated resilience by holding the critical $126–$131 support zone, a confluence area that includes the Fibonacci Golden Pocket and the lower boundary of its descending trend channel. This technical rebound has sparked cautious Optimism among traders, with the price now eyeing the $150 resistance level.

Market analysts note that while the bounce is technically significant, Solana's broader bearish structure remains intact. The asset continues to print lower highs and lows, signaling persistent selling pressure. A failure to break above $150 could reignite downside momentum, putting the $126 and $117 support levels back in focus.

The $131–$126 defense aligns with what technical traders call a 'Golden Pocket' formation—a Fibonacci-based reversal zone that often precedes short-term rallies. However, the descending channel's upper boundary NEAR $150 presents a formidable challenge for bulls seeking to reverse the prevailing downtrend.