SOL shot up 5% on Solana ETF news and then gave it all back. Hype in crypto is a fickle mistress like a Florida man on bath salts: unpredictable, charming, somewhat lovable.
Meanwhile, SOL is drifting near critical supply and demand zones; its next move hangs in the balance as traders weigh flash momentum against deeper support.
The ETF announcement initially brought renewed interest in Solana, driving a brief 5% price jump. Yet, its rally faced immediate rejection at the $160 mark, a level coinciding with a known H4 (4-hour) supply zone.
At this point you have tofeel bad for SOL holders. It makes you wonder if last cycle’s altcoins are perennial slow movers:
https://twitter.com/VirtualBacon0x/status/1940139461654061103?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow
This zone that SOL is stuck in is effectively absorbing buying pressure, leading to SOL’s reversal back into the $144.5–$147.7 range.
According to recent 99Bitcoin’s analysis, Solana’s behavior was predictable, as it reacted to the supply zone by pulling in longs before reversing course.
SOL is clinging to a crucial patch between $144.5 and $147.7. If SOL falls through this support its next safety net is much lower, around $124 or even down near the psychological graveyard of $100.
A $100 SOLbefore GTA 6 releases is not something we had on our 2025 bingo card.
Bulls are eyeing $160. Break and close above that, and things could flip bullish quickly.
While Bitcoin chops near all-time highs, SOL and other altcoins are lagging, dragged by risk-off sentiment and a broader market that is desperate for Fed rate cuts and quantitative easing.
Price action is still locked in a descending channel from May’s failed $180 breakout. Every bounce looks temporary for SOL and momentum is thin.
Data from Glassnode reveals that the real danger for SOL is below the support line. If $144 fails to hold, there’s not much to cushion the drop.
The thin order book between $100 and $124 could turn a dip into a nosedive. Bulls need to hold the line
As it stands, Bitcoin, the forever market mover, will likely decide if SOL bounces or bleeds. Holding this range could spark a recovery but losing it could drag price back into the abyss.
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The post Solana ETF Rally Fades as Charts Signal Potential 20% Drop appeared first on 99Bitcoins.
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