Solana (SOL) has slipped below the critical $180 mark even as institutional inflows into newly launched Solana exchange-traded funds (ETFs) reached nearly $199 million in just one week.
The Solana price is hovering around $175, marking a 6.4% daily decline and extending a week-long correction that has erased almost 12% of its value. Despite ETFs managed by Bitwise, Grayscale, and 21Shares pushing total assets past $500 million, the influx of institutional capital has yet to stabilize prices.
Analysts attribute the weakness to a broader risk-off sentiment across global markets. Although President Trump recently announced a lower tariff imposition, crypto investors remain skeptical, fearing another policy reversal that could trigger a sharp market downturn.
The blockchain recently reported annualized revenue of $2.85 billion, growing nearly 30 times faster than Ethereum’s early-stage performance. The network continues to attract developers and corporate partners, including Western Union, which is building a stablecoin on Solana to power global remittances.
However, short-term traders remain cautious. Technical indicators reveal that the Solana price is consolidating below major moving averages, with key support around $172 and resistance between $188 and $192.
The RSI sits near 41, signaling that the asset is approaching oversold levels, while the MACD divergence suggests waning selling pressure. Still, a sustained rebound remains uncertain without a broader recovery in risk appetite.
For now, Solana’s near-term outlook remains bearish-to-neutral. A decisive break below the $172 support could open the door to deeper declines toward $157 or even $142, zones that previously attracted strong buying during October’s correction.
Conversely, defending the 200-day moving average at $179.78 and reclaiming $189–$200 could restore short-term bullish momentum.
Cover image from ChatGPT, SOLUSD chart from Tradingview
