The U.S. market appears ready for another Solana-based exchange-traded product as Invesco Galaxy moves closer to securing approval for trading on the Cboe BZX Exchange. The firm submitted a Form 8-A to the Securities and Exchange Commission, signaling that its Solana ETF may begin trading soon. This filing arrives during a period of expanding institutional interest in Solana exposure and growing competition among issuers.
Invesco Galaxy Prepares Market Entry with QSOL Listing
Invesco Galaxy advanced its product launch after updating its registration details last month. The firm outlined operational terms for its planned Solana ETF and confirmed that the product will list under the ticker QSOL. Besides regulatory progress, Invesco injected initial capital into the trust with a 4,000-share purchase worth $100,000.
The filing includes finalized operational disclosures and an independent audit, which signals readiness for trading. Moreover, the move follows the recent debut of Franklin Templeton’s Solana ETF, which entered the market last week. Hence, a new listing could become the eighth Solana ETF available to U.S. investors.
SOL Price Trades Lower as Range Persists
Solana trades near $136 after a sharp daily decline. The token dropped more than 4% over the last 24 hours as the broader market faced pressure. Analyst Ali Martinez tracks a clear multi-week range between $124 and $145. He notes repeated rejections near the upper boundary.
Price now sits near the middle of the range, which limits near-term momentum. Additionally, traders watch $134 as the next level that could determine direction. A loss of that level may expose $128 before another test of $124.
Umair Crypto tracks a separate technical setup. He notes that Solana defended the $128 level twice and gained nearly 13% on the recent rebound. Momentum now strengthens above the 50-RSI.
He sees a break above $150 as a potential spark for broader altcoin rotation. Moreover, he points to $176 as the next zone if Solana regains its 50-day moving average.