Solana Price Stalls Under $200 Despite ETF Buzz: Can It Break Out?
Solana’s price is currently hovering under the $200 mark, down 4.3% on the day but still up 5.1% on the week, as investors await the next catalyst to drive the market. Despite the launch of new spot Solana ETFs in the US and Hong Kong, which are expected to bring in billions of dollars in inflows, the token’s price is being capped by technical resistance and overall market weakness.
According to market data from crypto.news, Solana is currently trading at $194.22, with a high of $205 reached on Monday before the momentum faded. The ETF narrative surrounding Solana continues to attract interest from institutions and investors, with Bitwise’s Spot Solana ETF (BSOL) launching on the NYSE and Hong Kong approving its own spot Solana ETF, underscoring the growing global demand for regulated access to the network.
Technical Resistance and Market Weakness
SOL’s rejection on Monday came as the price failed to clear the 100-day moving average, which often acts as strong dynamic resistance. Historically, when Solana is capped by the 100-day moving average, it typically blocks sustained rallies until a clear breakout occurs. The 20-day moving average (MA) is currently below both the 50-day and 100-day MA, reflecting a bearish trend structure, meaning buyers have more work to do to shift the short-term bias back into a bullish direction.
Solana price chart | Source: TradingView
Should further downside occur, the next notable support lies at $180, right where the 200-day moving average coincides. The 200-day MA will be important as it is often used as a gauge of the long-term trend. Holding above signals continued strength, while breaks below can accelerate the downtrend as long-term holders exit positions. If sentiment improves, Solana price could quickly regain lost ground, driven by institutional adoption and DeFi activity on the network.
