Solana Faces Bearish Pressure: Technical Indicators Signal Further Decline

Solana (SOL) has recently confirmed a head-and-shoulders pattern breakdown, dropping below the critical $142 neckline. This technical development suggests a potential further decline toward the $120 mark. Over the past week, SOL has already experienced a 10% drop, bringing its price down to $129, as selling pressure continues to mount. Key moving averages have now turned into resistance on both weekly and daily timeframes, adding to the bearish sentiment. Additionally, liquidation clusters at $131 pose a potential acceleration point for further downside. The current market conditions, combined with rumors surrounding ETF developments, have contributed to the altcoin's weakened position. As of June 23, 2025, traders and investors are closely monitoring these technical indicators to gauge Solana's next moves in the volatile cryptocurrency market.

Solana's Bearish Breakdown: Technicals Point to Further Decline Amid ETF Rumors

Solana (SOL) has confirmed a head-and-shoulders pattern breakdown below the critical $142 neckline, signaling potential downside toward $120. The altcoin's 10% weekly drop to $129 reflects mounting selling pressure, with technical indicators turning decisively bearish.

Key moving averages have flipped to resistance across both weekly and daily timeframes. Liquidation clusters at $131 loom as a potential acceleration point, where $124K in forced sell orders could trigger sharper declines. The Chaikin Money Flow's negative reading (-0.13) confirms capital outflows.

Market sentiment contrasts sharply with April's $200 price aspirations. Yet a potential catalyst emerges from staking ETF speculation—some analysts price an 80% approval likelihood by July. This regulatory development could override current technical damage if realized.

Solana Price Eyes $156 As Kazakhstan MoU Sparks Expansion Buzz

Solana has inked a memorandum of understanding with Kazakhstan to establish Central Asia's first SOL-based economic zone. The move strategically positions solana in a region accounting for nearly 20% of global crypto trading volume, cementing its role as critical infrastructure in one of digital assets' fastest-growing markets.

Investor interest has surged following the announcement, with traders scrutinizing SOL's price action for short-term opportunities. While the partnership provides long-term growth potential, market participants are questioning whether Solana can capitalize on this momentum to recover from recent price declines.

Network metrics reveal Solana's dominant position in blockchain activity. Artemis data shows the network consistently processes 100-120 million daily transactions while maintaining over 1 million daily active addresses—figures that dwarf competitors like Ethereum, Avalanche, and Polygon. This demonstrated scalability and robust ecosystem likely influenced Kazakhstan's decision to partner with Solana.

The SOL token currently trades at $134.49, down 0.67% amid rising volatility. Market watchers are now assessing whether the Kazakhstan development could propel prices toward the $156 resistance level.

Kazakhstan Launches Solana-Powered Economic Zone to Boost Web3 Adoption

Kazakhstan has unveiled the Solana Economic Zone (SEC KZ) at the Astana International Forum 2025, marking Central Asia's first major foray into tokenized finance and Web3 infrastructure. The initiative, backed by a memorandum of understanding between the Solana Foundation and Kazakhstan's MDAI, targets capital market tokenization, developer education, and startup support.

"We seek partners who share our vision for next-generation financial infrastructure," a Solana Foundation spokesperson stated. The MOVE positions Kazakhstan as a regional hub for blockchain innovation, leveraging Solana's high-speed network to attract crypto-native enterprises.

Fiserv Enters Stablecoin Market with FIUSD Launch on Solana, Partners with Circle, Paxos, and PayPal

Fiserv, a Fortune 500 payments powerhouse processing 90 billion transactions annually, announced its foray into digital assets with the upcoming launch of FIUSD, a bank-friendly stablecoin. The Solana-based token will leverage infrastructure from Circle and Paxos, targeting Fiserv's network of 10,000 financial institutions and 6 million merchants.

The initiative positions FIUSD as complementary to traditional payment systems rather than disruptive, featuring built-in compliance and risk management tools. A strategic partnership with PayPal will enable interoperability between FIUSD and PYUSD, facilitating cross-border transfers and merchant payments through interoperable digital dollars.