Solana Price Rises as Cathie Wood's ARK Invest Boosts Solana Staking ETF Exposure

Solana (SOL) price has been steadily increasing over the past few days, currently trading near $76. This uptick in price comes as Cathie Wood's ARK Invest increases its exposure to a Solana staking ETF.

The ARK Next Generation Internet ETF (ARKW) and the ARK Blockchain & Fintech Innovation ETF (ARKF) both purchased 7,115 shares of the 3iQ Solana Staking ETF on August 17. This move is notable as it comes despite cooling demand across spot SOL investment products.

The Solana price chart shows a cup-and-handle pattern, which could strengthen the bullish outlook if SOL breaks above the key $76 resistance level. A confirmed close above this barrier could open the door to an 8.9% rally toward $83. However, $76 remains a significant hurdle for SOL, with the token failing to close above this level since July 20.