Amid the ongoing market turmoil, the Solana price has continued trading within a negative trend. Despite recording a jump of 28% in its intraday trading volume to $3.91 billion, the token records a bearish action. With this investors are concerned about the short-term price prospects of the 6th largest cryptocurrency.
In spite of rising optimism around the Solana ETF, investors are recording a negative movement, highlighting mixed price action. Let us now understand the trend on approval of SOL ETF and possible Solana price prediction.
The possibilities of Solana ETF approval by July 31 has now dropped to 45% as per the latest data recorded from Polymarket. Notably, it has dropped from 71% on 17 of June, a plunge of 26% within 96 hours.
However, when looking at the longer frame that is 2025, the chances of approval of Solana ETF in 2025 stands at 92%, a change of 18%. With this, the percentage has reached a new high.
Solana Price Breaks Below Its Pivotal Support Trendline!
The SOL price had constantly displayed higher lows in the daily time frame, resulting in forming a strong rising support. Moreover, it had formed a support zone around the $140 mark since February this year.
With the rising uncertainty, the Solana price has dropped approximately 4% in 24 hours. With this, this token broke below both these support zones. The altcoin is currently listed at $136.96 with a market cap of $73.45 billion.
On the other hand, the Relative Strength Index (RSI) shows a significant drop toward the oversold range of 20 as is currently valued at 35.06. This trend highlights a rising bearish sentiment for the Solana price in the cryptocurrency market.
Suppose, a trend reversal occurs, in that case, the SOL coin price could retest its important resistance/support zone of around the $140 mark. An increasing positive momentum could push the price toward its upper price target of $158 in the coming time.
Conversely, if the bears continue gaining momentum, it could result in it retesting its pivotal support level of $127 within a short period.
Also Read: Solana Price to Retest $189 Amid New SOL ETF Filing
