Solana ($SOL) Tumbles 3.8% After SEC Delays ETF Verdict to October – What’s Next for the High-Speed Chain?
Solana takes a hit as regulators hit pause—again. The SEC's latest delay on a spot SOL ETF sparks fresh volatility in crypto markets.
Here’s the damage: SOL dropped 3.8% in 24 hours following the news. Not catastrophic, but enough to wipe out a few overleveraged degens. The postponement pushes any potential approval to at least October, leaving traders to chew on regulatory uncertainty.
Why it matters: ETF approvals act like rocket fuel for crypto assets—just ask Bitcoin. But the SEC seems determined to make Solana investors sweat it out. Some see this as strategic foot-dragging; others call it standard bureaucratic theater.
Between the lines: While institutions quietly accumulate, retail traders are left guessing. Will SOL bounce back or face more pressure? One thing’s certain—Wall Street’s 'wait-and-see' approach just got extended. Typical.
Solana ($SOL), a prominent crypto asset, has gone through a noteworthy market downtrend on Friday. As per reports, Solana’s ($SOL) price has touched $187.92 after a 3.86% dip over the past twenty-four hours.
A key factor behind this decline is reportedly the delay in the United States Securities and Exchange Commission’s (SEC) decision over solana ETF proposals despite the crypto-friendly administration of Donald Trump. Hence, now, the respective decision has been postponed to the 16th of October.
$SOL Market Value
At this time, Solana ($SOL) is changing hands at $187.92, presenting a 3.86% slump over 24 hours. The current price level indicates a recovery following a substantial plunge from the notable $198 mark. Thus, after a drop to $183, it has been gradually moving upward, raising the possibility for notable growth in the near term.
$SOL Key Statistics
Just like the price slump, the market cap and 24-volume of Solana ($SOL) have also recorded considerable dips.
- Market Cap: The current market capitalization of Solana ($SOL) stands at $101.46B, displaying a 3.87% drop over twenty-four hours.
- 24-Hour Volume: Just like market capitalization, $SOL has recorded a 42.98% plunge in its 24-hour volume.
- Supply: The cumulative supply of Solana ($SOL) accounts for 607.61M $SOL, while its circulating supply has reached 539.93M $SOL.
$SOL Price Analysis
At the start of the latest 24-hour session, $SOL was hovering around $195.07. Subsequently, it briefly jumped to $198.13 and then declined. Thus, over the next few hours, it dropped to the low-price level of $183.76. However, after that, the price has been gradually moving upward, as its present price is $187.92.
Keeping this in view, the 24-hour performance of $SOL highlights a 3.86% drop in its price. However, in line with the current recovery, the notable altcoin can overcome its short-term decline to soon break above the immediate resistance.
$SOL Support and Resistance Levels
Based on the price chart of Solana ($SOL), $190 serves as the immediate resistance level. Subsequently, after surpassing $190, it could find resistance at $198 and the psychological $200 mark.
Contrarily, the immediate support level for $SOL is $183.76. After that, $179.36 and $73.68 operate as the 2nd and 3rd resistance levels.
$SOL Price Prediction
The gradual recovery in $SOL’s price signifies its potential to shortly enter the green zone. Hence, in the case of the current trend’s continuation, $SOL is anticipated to gain a 4.25% over the next 30 days. As a result of this, it could reach the $196.09 mark over the month.
