Solana Faces Market Turbulence as SEC Delays ETF Decision to October
Solana's native token $SOL experienced a 3.86% decline, dropping to $187.92, following the SEC's announcement to postpone its decision on spot ETF proposals until October 16. Despite the current administration's crypto-friendly stance, the delay has contributed to market uncertainty. Trading volume and market capitalization also saw significant drops, with $SOL's market cap falling to $101.46B and 24-hour volume plunging 42.98%. This development highlights the ongoing regulatory challenges facing the cryptocurrency market and the potential impact on investor sentiment. As the October deadline approaches, market participants will be closely monitoring the SEC's next moves and their implications for Solana and the broader crypto ecosystem.
Solana ($SOL) Slides 3.8% as SEC Postpones ETF Decision to October
Solana's native token $SOL faced a 3.86% decline, dropping to $187.92 amid market turbulence following the SEC's delay in approving spot ETF proposals. The regulatory body pushed its decision to October 16, despite the crypto-friendly stance of the current administration.
Trading volume and market capitalization mirrored the price slump, with $SOL's market cap falling to $101.46B and 24-hour volume plunging 42.98%. The asset shows signs of recovery after briefly dipping to $183, suggesting potential near-term upside.
Market participants now await the October decision, which could catalyze significant movement for the sixth-largest cryptocurrency by market cap. The postponement comes during a period of heightened regulatory scrutiny for altcoins.
Solana's Volatility Highlights Key Support Level Amid Market Turbulence
Solana's price trajectory this week mirrored the crypto market's characteristic volatility, swinging from a stagnant $180 to a brief rally above $200 before retreating sharply. The altcoin touched $205 on August 14, only to collapse back to its starting point within days. Analysts attribute this whipsaw action to a critical technical threshold at $188, now serving as a litmus test for SOL's near-term direction.
Crypto analyst Burak Kesmeci pinpointed the $150 level as SOL's high-volume nodal point using Fixed Range Volume Profile (FRVP) analysis—a tool mapping trading activity concentration. "The $188 resistance isn't arbitrary," Kesmeci noted in an August 15 post. "It's where liquidity pools fracture." Market participants now watch whether solana can maintain footing above this level, with failure potentially triggering a retest of the $150 support zone.
This price action occurs against a backdrop of sector-wide turbulence, with major cryptocurrencies exhibiting similar patterns of failed breakouts. The FRVP indicator suggests institutional activity clusters around $150, creating a gravitational pull that could either stabilize prices or accelerate declines if breached. For now, Solana's ability to hold above this threshold remains the dominant narrative for traders.
Solana Struggles Below Key Resistance as Volume Analysis Signals Weakness
Solana's price action reveals persistent weakness, with the cryptocurrency failing to sustain above the critical $188 resistance level throughout 2025. Technical analysis highlights this threshold as the Value Area High—a zone where 70% of trading activity clusters. Repeated rejections suggest entrenched selling pressure.
The $150 level emerges as a pivotal high-volume support zone, often acting as a springboard for bullish momentum when held. Analyst Burak Kesmeci notes that SOL's current downturn aligns with its historical inability to conquer the $188 ceiling. Market structure now points to $170-$179 as the next potential stabilization area if downward pressure persists.
Solana Price Rally and Remittix's Potential Surge
Solana's price is poised for a significant rally, with analysts projecting a potential 100% increase if it maintains support above $200. The cryptocurrency has formed an ascending triangle pattern, suggesting a breakout toward $250–$300 could be imminent. Resistance at $220 remains a key hurdle, but a sustained push beyond this level could shift targets higher.
Meanwhile, market attention is pivoting to Remittix, a $0.09 altcoin with audited security and real-world utility. Experts speculate it could deliver 75x returns by 2026, potentially outperforming Solana in terms of gains. While Solana's long-term trajectory depends on institutional inflows and ecosystem growth, Remittix's upcoming milestones are drawing speculative interest.
