Solana Reclaims 50-Day EMA as Hong Kong ETF Listing Approaches

Solana (SOL) traded at $108.17 on Tuesday after closing at $105.64 on Oct. 12, moving back above its 50-day exponential moving average as tokenized fund activity and a Hong Kong ETF listing developed.

A 50-day EMA gives greater weight to recent prices and is used to assess near-term momentum. Moving above the measure can indicate improved short-term momentum, but it does not establish a longer-term trend.

OSL tokenized PrimePlus SPC’s USDGO Plus SP on-chain and agreed to provide custody and distribution services. The fund is available only to eligible professional investors in Hong Kong.

USDGO Plus SP is a market-neutral fund built on USDGO, a U.S. federally regulated, dollar-backed stablecoin. As of Oct. 7, the fund had returned 16.67% since inception and posted a 17.05% annualized return over the previous 30 days, before fees.

USDGO is issued by Anchorage Digital Bank and backed 1:1 by liquid assets, including cash and short-term U.S. Treasuries. The fund has not been authorized by Hong Kong’s Securities and Futures Commission and may be offered only under its offering documents.

The Pando Solana ETF is scheduled to list Tuesday on the Hong Kong Stock Exchange’s Main Board under stock code 2831.HK. Its base currency is the U.S. dollar, its trading currency is the Hong Kong dollar and its board lot is 100 shares. Estimated ongoing charges are 1.60%.

The ETF seeks to track the CME CF Solana-Dollar Reference Rate — Asia Pacific Variant. The benchmark uses trades observed from 3 p.m. to 4 p.m. Hong Kong time, or 3 a.m. to 4 a.m. ET (7 a.m. to 8 a.m. UTC), and is fixed at 4 p.m. Hong Kong time.

The tokenized fund uses a stablecoin-based market-neutral strategy and is available only to eligible professional investors in Hong Kong. The ETF’s scheduled listing adds another regulated-market access point for SOL in Hong Kong, although the products target different investor groups and structures.