Solana News: Prospects of a Solana ETF Called into Question Amid Market Decline

In a turbulent week for the cryptocurrency market, Solana (SOL) has faced significant challenges, with its price dropping to a 4-month low and market capitalization decreasing. Adding to the woes, asset manager BlackRock has spoken out about the prospects of a Solana ETF, potentially casting a shadow over the future of SOL.

BlackRock Speaks on Solana ETF: Potential Bad News for SOL

The cryptocurrency market took a notable hit Monday, with Bitcoin leading a decline. Solana was among the hardest hit, falling below the $150 mark. BlackRock, an $11 trillion asset manager and issuer of Bitcoin and Ethereum ETFs, has spoken up about the prospects of a Solana ETF, which could be bad news for SOL.

Solana (SOL) Continues Its Freefall as Price Hits 4-Month Low

Solana`s price has hit a 4-month low, pushing its market cap to $70 billion. The Ichimoku Cloud and EMA indicators show ongoing bearish momentum, suggesting further downside could be on the horizon. The Ichimoku Cloud for Solana indicates a clearly bearish trend, with the price well below the cloud and the red cloud ahead reflecting a bearish sentiment.

Solana Loses Long-Term Support Level

Solana is trading at its lowest levels since September 2024, with extreme fear and selling pressure dominating the market. Since breaking its all-time high in January, SOL has retraced over 55%, leaving bulls struggling to regain momentum. The broader crypto market is facing uncertainty, and Solana has been one of the hardest-hit altcoins in recent weeks. Bears have remained in control, driving prices lower as investors lose confidence. Meme coin speculation that once fueled Solana’s rally has turned into a major headwind, accelerating the selloff and preventing a stable recovery. Analysts believe further declines could be on the horizon if SOL fails to reclaim key support levels.

Solana (SOL) Sees Red—What’s Next for the Price?

Solana started a fresh decline from the $162 zone and is down over 15%. The price is trading below $150 and the 100-hourly simple moving average. A connecting bearish trend line is forming with resistance at $144. SOL struggled to clear the $185 resistance and declined below $162, $150, and even $135. The recent low was formed at $131, and the price is now consolidating losses with a bearish angle.