Solana in Freefall: ETF Dreams Dim as SOL Plunges Below $140 Lifeline
Solana's nosedive just turned ugly—the so-called 'Ethereum killer' sliced through its $140 support like a hot knife through butter. ETF hype? Vanished faster than a crypto influencer's credibility.
Blood in the altcoin streets
Traders are bailing faster than you can say 'risk-off.' That key $140 level wasn't just psychological—it was where institutional algos parked their bids. Now? Pure chart carnage.
The ETF mirage fades
Wall Street's sudden cold feet on crypto ETFs hit SOL hardest. Turns out dressing up blockchain projects in suits doesn't magically make them 'institutional-grade.' Who knew?
Bottom feeders circling
Some degenerate traders are already whispering about a bounce play. Because nothing screams 'smart money' like catching falling knives in a market where even stablecoins aren't stable.
Solana ETF Approval By July 31, Source: Polymarket
However, when looking at the longer frame that is 2025, the chances of approval of Solana ETF in 2025 stands at 92%, a change of 18%. With this, the percentage has reached a new high.
Solana Price Breaks Below Its Pivotal Support Trendline!
The SOL price had constantly displayed higher lows in the daily time frame, resulting in forming a strong rising support. Moreover, it had formed a support zone around the $140 mark since February this year.
With the rising uncertainty, the Solana price has dropped approximately 4% in 24 hours. With this, this token broke below both these support zones. The altcoin is currently listed at $136.96 with a market cap of $73.45 billion.
On the other hand, the Relative Strength Index (RSI) shows a significant drop toward the oversold range of 20 as is currently valued at 35.06. This trend highlights a rising bearish sentiment for the Solana price in the cryptocurrency market.
Suppose, a trend reversal occurs, in that case, the SOL coin price could retest its important resistance/support zone of around the $140 mark. An increasing positive momentum could push the price toward its upper price target of $158 in the coming time.
Conversely, if the bears continue gaining momentum, it could result in it retesting its pivotal support level of $127 within a short period.
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