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Leading altcoin Solana (SOL) experienced a significant drop in the last 24 hours, and this downward trend continues. Currently trading below $170, SOL’s price stands at $163, reflecting an 8% drop in the last 24 hours. The altcoin is moving within a descending triangle formation, indicating ongoing selling pressure. Solana’s market cap is around $73.71 billion, making it the fifth-largest cryptocurrency and the fourth-largest altcoin. Trading volume increased by 66% in the last 24 hours, reaching $5.91 billion, reflecting increased trading activity.
Solana’s Recent Performance and Market Outlook
Recently, SOL’s price saw a significant rise, surpassing $180 before pulling back. Last week, SOL’s price dropped by over 2%, indicating strong selling pressure. However, on a monthly scale, SOL is priced with an increase of over 4%. In the broader cryptocurrency market, Bitcoin (BTC) is trading just above $67,000, and Ethereum (ETH) is just below $3,700, indicating a downward trend.
If the downward trend in SOL‘s price strengthens, it could soon fall towards the support level at $160. If this downward trend continues, the price could drop to $150, indicating a significant change in market sentiment. Conversely, if upward momentum revives, the price could return to the $170 level. With increased upward pressure, the price could rise above $180 and reach $200 in the next surge.
Impact of Spot Ethereum ETF Approval
The preliminary approval of spot Ethereum exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) significantly moved the cryptocurrency market. With this approval, the SEC took a significant step forward in cryptocurrency regulation. According to a recent research report by a brokerage firm, this development could be followed by the emergence of spot Solana ETFs. The report predicts that the SEC will give final approval for the spot Ethereum ETF and suggests that other cryptocurrencies could receive similar regulatory treatment.
If a spot Solana ETF becomes a reality, the altcoin’s price could rise to unprecedented levels. In such a case, the targets would be $300, $500, and $1,000.
Although Solana has shown resilience in the past and rewarded patient investors with its ability to rise, the last 24-hour price chart shows a significant drop. The Relative Strength Index (RSI) is at 53.82, indicating a neutral position but also pointing to increased selling pressure.
The Moving Average Convergence Divergence (MACD) indicator shows a convergence with the MACD line at 7.07 and the signal line at 5.16. The indicator shows a shift towards the bearish region, indicating possible further declines. The Awesome Oscillator (AO) shows a value of 22.33, indicating bearish momentum. Additionally, the Average Directional Index (ADX) is at 21.82, indicating weak trend strength.
