Solana Struggles: Price Down Almost 15% in a Week – Is It Time to Buy?
Solana (SOL) has experienced a 15% drop in the past week, currently trading at $193.62, as the broader crypto market is affected by bearish sentiment. The Fear and Greed Index is at 35 (“Fear”), indicating investor uncertainty, while the crypto market cap remains at $3.12 trillion, with a daily trading volume of $125.13 billion.
Major cryptocurrencies are also facing challenges, with Bitcoin (BTC) falling to $96,048 (-1.92%) and Ethereum (ETH) dropping to $2,605 (-5.61%). Meanwhile, XRP has decreased to $2.40 (-0.72%). With the Altcoin Season Index at 29/100, Bitcoin’s dominance remains strong, limiting the potential for altcoin recovery.
Solana ETF Filing Gains SEC Recognition
In a significant regulatory development, the U.S. Securities and Exchange Commission (SEC) has acknowledged the first-ever Solana ETF filing, marking an important milestone for the cryptocurrency. The approval of NYSE’s 19b-4 filings allows firms like Grayscale, Bitwise, and VanEck to proceed with Solana-based ETF applications.
Bloomberg ETF analyst James Seyffart mentioned that this acknowledgment indicates a change in sentiment at the SEC, which previously instructed issuers to withdraw Solana-related applications under Gary Gensler’s leadership.
With the expectation of new SEC leadership, analysts predict a final decision on Solana ETFs by October 11. If approved, this could drive institutional adoption of SOL and provide fresh momentum for its price recovery.
Solana Faces Resistance at $203 Amid Bearish Pressure
Despite regulatory optimism, Solana (SOL) remains in a downtrend and is struggling to surpass $203, a critical resistance level that aligns with the descending trendline. The 50-day EMA at $206.68 continues to hinder upward movements, reinforcing the bearish outlook.
A descending triangle pattern suggests potential downside risk, especially if SOL fails to hold its double-bottom support at $187. A break below this level could lead to accelerated declines towards $176 and $162, both historically strong support zones.
To shift sentiment, SOL must break and sustain above $203, which could pave the way for a rally towards $218 and $231. However, with weak momentum and prevailing market fear, the bearish scenario remains dominant unless SOL reclaims these levels.
Key Insights:
– Solana is still below the $203 resistance, maintaining a bearish structure.
– A breakdown below $187 could trigger a more significant decline towards $176 and $162.
– The SEC’s acknowledgment of Solana ETF filings is a positive long-term catalyst.
From Solana to Solaxy: A Game-Changer in Layer 2 Scaling
While Solana faces short-term technical challenges, innovation within its ecosystem remains robust. One of the most exciting developments is Solaxy ($SOLX) – Solana’s first Layer 2 scaling solution designed to address network congestion and reduce transaction fees.
Solaxy ($SOLX) has already raised over $18.73 million in its presale and has attracted over 65,000 followers. As Solana users seek improved scalability and lower costs, Solaxy aims to provide faster transactions and enhanced interoperability with Ethereum and other major blockchains.
With staking rewards reaching 216% annually and over 5.31 billion $SOLX tokens staked, investors are positioning themselves for long-term gains. As the presale nears its final phase, $SOLX is currently priced at $0.001628, with the next price increase just around the corner.
If you are considering entering Solana’s growing ecosystem early, now is the time to act before the next price surge.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
