Introduction
Solana’s price is having a rough ride, slipping to $157.40 after a tough 11.7% weekly decline. What’s got the market so jumpy? You can blame U.S. policy headlines—specifically the reinstatement of Trump-era tariffs, which sent risk assets spiraling. Digital currencies like Solana didn’t escape the panic, with the coin breaking beneath its crucial $165.94 support level.
And if you’re looking for sunshine on the daily chart, keep dreaming. A bearish “Three Black Crows” pattern is staring traders in the face, and the 50-day EMA has switched sides—it’s no longer a friendly support zone but a looming resistance at $159.60. The MACD isn’t helping either, flashing widening bearish histograms. Translation? It’s not a great time to go long.
Leverage Is Bleeding and Solana ETF Hope Is Delayed
Let’s talk derivatives—because that’s where the pain is loudest. Coinglass data shows Solana futures open interest has dropped 3.23% to $7.11 billion. And long traders? Ouch. They took a beating to the tune of $18.98 million in liquidations, while shorts got away with just a paper cut—$464K worth.
On the ETF front, the SEC continues to play the slow game. Despite multiple filings from big names like Fidelity and VanEck, approval is still on hold. Optimists on Polymarket are putting the odds at 82%, and voices like VirtualBacon are dreaming of a $440–$600 price surge once the green light flashes. But until that day, $200 seems like a mirage in the desert.
Don’t Lose Hope—Solana is Still Building
While price action may have traders reaching for the aspirin, the long-term fundamentals are showing signs of life. For starters, Circle recently minted $250 million worth of USDC on Solana—a major liquidity boost. The network now commands 34% of all stablecoin volume.
Meanwhile, SOL Strategies is raising a cool $1 billion to beef up validator infrastructure—talk about long-term commitment. Add to that Coinbase launching 24/7 SOL futures and ARK Invest including Solana in a Canadian ETF, and you’ve got serious institutional momentum building under the hood.
Trading SOL? Watch Your Step
Technically speaking, things aren’t looking bullish—yet. The price is pressing dangerously close to its next support at $141.60. Unless SOL pulls off a plot twist with a strong reversal pattern (think Hammer or Morning Star) paired with MACD convergence and a retest of the 50 EMA, the bearish trend isn’t budging.
New traders might want to wait this one out until clearer reversal signs appear. As for the pros? Volume confirmation on either a breakdown or reversal will be your guiding light. But without a dramatic comeback, don’t expect Solana to revisit $200 any time soon. Not unless something big changes.
