Investment management firm VanEck has introduced its Solana Exchange-Traded Fund (ETF) on the Nasdaq exchange, offering institutional investors another regulated pathway into the Solana ecosystem. The launch comes as the SOL token navigates significant downward price pressure.

The new fund, which opened on November 17, was initiated with a seeded basket purchased in late October. VanEck is temporarily waiving the sponsor fee on an initial portion of assets to attract early investment. The firm also intends to stake some of the fund’s holdings through third-party validators, with any resulting rewards being added back to the fund’s value.

This marks the second spot Solana ETF available in the U.S. market, following the Grayscale Solana Trust which launched in October. Grayscale’s product saw strong initial inflows, establishing a benchmark for regulated investment vehicles linked to Solana and signaling solid institutional demand.

Price Faces Critical Test Despite New Offering

The arrival of VanEck’s ETF coincides with a sharp pullback in Solana’s price. The token has fallen considerably from its valuation a month ago, continuing a broader market correction. At the time of writing, SOL was trading at $136, representing a decrease of approximately 18% over the last week.

Market analysts are now closely watching a nearby support band. A failure to hold this level could trigger a move toward lower price ranges, while a sustained recovery above a higher threshold would suggest the bearish momentum is fading. Despite the current correction, some forecasts project sizable combined inflows for U.S. Solana ETFs within their first year.

Ultimately, the success of these new funds will depend heavily on Solana’s price stability and performance. For now, the VanEck ETF provides another crucial entry point for institutional capital as the Solana market works through a period of high volatility.