Cathie Wood's ARK Invest bought 7,115 shares of the 3iQ Solana staking ETF on August 17, even as spot Solana ETFs recorded zero inflows since August 12. Solana trades near $76, a level it hasn't closed above since July 20, while a cup-and-handle pattern points to $83 if the resistance breaks.
Solana rose 0.98% on August 18 to $76. Trading volume also jumped 25% to $1.38 billion. The move comes as ARK Invest adds to its position in the 3iQ Solana staking ETF despite fading demand for spot Solana products.
Cathie Wood Adds to 3iQ Solana Staking ETF
ARK Invest purchased 7,115 shares of the 3iQ Solana staking ETF on August 17, according to data from the ARK Invest tracker. The fund manager bought 3,830 shares through the ARK Next Generation Internet ETF and another 3,285 shares through the ARK Blockchain & Fintech Innovation ETF.
The purchases arrive as spot Solana ETFs cool. Data from SoSoValue shows SOL ETFs have not recorded inflows since August 12, mirroring a broader slowdown across crypto ETFs. However, Solana ETFs still posted the highest weekly inflows of $10.26 million between August 10 and August 14, as CoinGape reported earlier.
Cup and Handle Pattern Sets Up a Breakout Test
Solana is trading within a cup-and-handle pattern on the daily chart, a setup that often signals a bullish continuation once resistance breaks. Yet the token has not closed above $76 since July 20, suggesting sellers keep stepping in near that level.
If Solana closes above $76, the price could gain 8.9% and reach $83, with an RSI reading of 53 still leaning bullish. If the breakout fails again, Solana could drop toward the lower Bollinger band near $72 before attempting another move higher.
Network Activity Keeps Falling
Solana's on-chain activity tells a weaker story. Data from DeFiLlama shows total value locked on Solana has dropped from $8.19 billion to $4.85 billion. SOL-denominated TVL fell from 75 million SOL on June 7 to 63.84 million SOL, implying users have pulled roughly 12 million SOL from Solana's DeFi protocols.
The stablecoin market cap on Solana has also slipped from $16.4 billion on July 25 to $15.3 billion. Still, the decline mirrors the wider DeFi market, where total value locked across all blockchains fell from $114 billion to $75 billion over the same stretch.
Source: CoinGape
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