Will Solana (SOL) Experience a Strong Bearish Trend Soon?
- Solana price observed a decline of 2.36% in the last seven days.
- The SOL ETF approval deadline is expected to fall in mid-March 2025, says famed ETF analyst.
Solana has witnessed a minimal spike in the last 24 hours, hitting the $145 mark after an intense bearish weekly performance. As the bears dominate the SOL market, the price volatility intensifies, and fluctuates, leaving traders anxious.
Notably, in the last 24 hours, SOL recorded a high of $145.88 and a low level of $138.78. Its daily trading volume declined by 34.13% to $2.15 billion. At the press time, Solana was trading at $142 with a market cap of $66 billion, according to CMC data.
Meanwhile, Solana exchange-traded funds (ETFs) grab the market’s attention, spurring the anticipation. Bloomberg ETF analyst, Eric Balchunas notified on X, that Solana ETF s are expected to have a final deadline of mid-March 2025. The Chicago Board Options Exchange (CBOE) has submitted a 19b-4s application to the United States Securities and Exchange Commission (SEC) for the approval of Solana ETFs listing.
Will SOL Dip Further?
Evaluating the past week, Solana’s price performance has declined by 2.36%. It marked the weekly low at the $122 level. When looking at the monthly price momentum, a steady drop of 10.46% is noted. At the start of July, SOL began with a high of $154.71 but it slid down to a low of $122.7.
As per the 24-hour price chart, Solana’s daily RSI stood at 50.05, indicating the asset is in the neutral zone. Moreover, at press time, the token’s short-term 9-day MA stays slightly below the current trading price. This indicates the SOL’s brief slip into the bullish zone, as per the TradingView data.
Assuming the SOL revival, the initial resistance could be at $151, and the subsequent resistance level to be found at $160. Conversely, if SOL can’t maintain its price momentum, it may bottom to the immediate support at $133. Furthermore, a strong bearish trajectory could take the price down to the $124 range.
Highlighted Crypto News
Is Huione Guarantee Enabling Money Laundering on Large Scale?
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
10x Research: Bitcoin Breakout? Not so fast. What Traders Need To Know
Institutional Crypto Research Written by Experts
![](https://img.bitgetimg.com/multiLang/web/8d9de1c44de2034c7ed0e7971f70a3fe.jpeg)
Best Cryptocurrencies to Invest in Right Now July 28 – TRON, Flare, Helium
![](https://img.bitgetimg.com/multiLang/image/social/1a35f7aaea0be106c5d4869ad609767b1722193942851.png)
Bitcoin Conference increases BTC’s Fear and Greed Index to new highs
Share link:In this post: Recent data from Santiment shows positive sentiment toward Bitcoin as traders feel more bullish. Former president Donal Trump’s speech during the Bitcoin Conference in Nashville contributed to the positivity. Bitcoin prices today have been down by 0.9% over the past 24 hours but have been up by 0.73% over the past 7 days.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this
![](https://img.bitgetimg.com/multiLang/image/social/d9c306b6e946ef7a499ed3ec512e453a1722186900558.jpg)