Solana recovered above $107 on Tuesday as buyers reclaimed a key moving average following Monday’s pullback.
SOL is now trading at $106.54, slightly below its 50-day exponential moving average at $107.49.
The rebound coincides with new investment and tokenization developments in Hong Kong, although continued ETF withdrawals and subdued momentum temper the recovery outlook.
Hong Kong prepares for second spot Solana ETF
Solana announced Monday that the Pando Solana ETF was scheduled to list on the Hong Kong Stock Exchange on Tuesday.
BREAKING: A second spot Solana ETF is coming to Hong Kong.
Pando Solana ETF (https://t.co/l4VjGXFCPy) is set to list on HKEX on 13 October. Globally, spot SOL ETFs hold $1.9B in net assets, with $1.61B in cumulative net inflows. pic.twitter.com/U6gqLqK8qV
— Solana (@solana) October 12, 2026
The product would become Hong Kong’s second spot Solana ETF, expanding access to SOL through a traditional investment vehicle.
The launch adds to Solana’s institutional presence in the city, but subsequent trading activity and fund flows will provide a clearer measure of investor demand.
Solana also highlighted the onchain tokenization of USDGO Plus SP.
According to its announcement, the product is a market-neutral digital asset fund built on USDGO, a stablecoin with more than $1 billion in circulation that the announcement describes as federally regulated in the United States.
BREAKING: @2WA_Official brings USDGO Plus SP onchain on Solana
The first market-neutral digital asset fund built on USDGO, the $1B+ US federally regulated stablecoin. Tokenized and distributed by @osldotcom for eligible professional investors in Hong Kong pic.twitter.com/Jexg0KnVMV
— Solana (@solana) October 12, 2026
OSL tokenized and distributed the fund for eligible professional investors in Hong Kong. The initiative adds another financial product to Solana’s tokenization ecosystem.
Its availability is limited to eligible investors, and the announcement does not establish its eventual adoption or effect on SOL demand.
Despite those developments, spot Solana ETFs recorded $700,000 in net outflows Monday, according to CoinGlass.
That marked the sixth consecutive session of withdrawals. However, Monday’s redemptions were smaller than those recorded during the previous week, suggesting the pace of withdrawals had eased.
A return to sustained inflows would improve the demand backdrop. For now, the negative flows remain a constraint on the recovery.
Solana technical outlook: SOL could rally if $107.49 breakout holds
The SOL/USD daily chart remains bearish and effective as Solana has lost 4% of its value in the last 24 hours.
However, SOL’s move above the 50-day EMA at $107.49 restores an important support reference, but the narrow margin leaves it vulnerable to another test.
A rally above this level could see SOL reclaim the September 28 high of $124.89. The next major resistance level stands at $149.36.
However, the momentum remains soft. The Relative Strength Index is at 40, below its neutral midpoint, while the Moving Average Convergence Divergence indicator remains below zero.
Those readings suggest the rebound has yet to establish strong bullish momentum. If the 50-day EMA fails to hold, the next support references are the 100-day EMA at $99.34 and the 200-day EMA at $97.18, alongside horizontal support near $96.19.
Deeper declines could bring rising trendline support around $84.82 into focus, followed by $77.07.
Maintaining the recovery above $107.49 would help stabilize the near-term structure and support a recovery toward recent highs.
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