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Crypto analyst Ali Martinez has noted increasing short-term bearish signals for Solana 
$171 (SOL) prices. He highlighted the current technical formation, suggesting that if the price undergoes a retest, it could decline to around $65. The slight drop experienced in the past 24 hours is seen as the first indication supporting this scenario. Meanwhile, institutional developments in Canada continue to attract investor attention.
Technical Indicators and Potential Price Target
Ali pointed out a rising wedge pattern forming in Solana’s price chart. This pattern is known to result in sharp pullbacks following bullish trends. According to the analyst, if the SOL price retests the breakout area of this formation, there is potential for a drop to $65 if the support level remains weak.
Recent data indicates a 1.2% loss for Solana in the last 24 hours. This decline has strengthened expectations surrounding the technical formation. Ali warned that a breach of the support level could lead to increased selling pressure. Despite the risks highlighted in technical analysis, investor indecision remains high.
Conversely, some market commentators argue that the current levels create a solid base. While technical indicators are open to different interpretations, it is suggested that investors should adopt a broader perspective when making decisions.
Canada’s ETF Move and Institutional Impact
Another noteworthy development for Solana is the preparations to launch Solana-focused investment products in Canada. Following approval from the Ontario Securities Commission, multiple ETF issuers have acted to release SOL-based investment products. This move is believed to attract institutional investors and potentially increase market liquidity.
Bloomberg analyst Eric Balchunas noted that the upcoming ETFs in Canada would encompass not only spot Solana investments but also staking support. However, it’s noteworthy that these favorable regulatory moves may not have an immediate positive impact on SOL prices.
According to some market experts, while technical formations hold importance, the impact of regulated investment vehicles may prove more decisive in the long term. Investors need to consider both technical and fundamental data during this transition period. Particularly, increased interest from institutional capital could support long-term strategies.
Analyst Opinions and Market Uncertainties
Divergence in opinions has become apparent in the market. Some analysts indicate that breaches of formations could strengthen the downtrend, while others argue that current price levels provide strong support. Technical uncertainties are affecting investor behavior and could lead to ongoing price fluctuations.
Analyst David stated that robust support signals exist at current levels, suggesting that after a correction, a renewed upward movement could begin. This perspective presents an encouraging outlook, especially for short-term investors.
Investors are opting for more cautious positions by closely monitoring both technical data and regulatory developments in Canada. Given the high-risk factors, careful analysis is required as sudden directional changes in the market could occur. The medium and long-term impacts of institutional developments should be closely observed.
