- Solana (SOL) saw its price fall by 3.2% this week after a strong rise on Tuesday and is now trading near $180.
- Analysts say SOL has strong support at current levels and could move toward $205 if the price holds.
- The U.S. Securities and Exchange Commission has postponed decisions on five Solana ETF applications until at least Fall 2025.
- Price charts show SOL has recently broken above an important technical level and is now retesting it.
- The next U.S. Federal Reserve meeting on July 29 may influence the crypto market, especially if rate cuts are discussed.
Solana (SOL), currently the sixth-largest cryptocurrency by market value, experienced a 3.2% decline this week after a recent price spike. SOL is trading around $180 as of this week’s close, with strong support seen close to the $177 level.
Several analysts forecast a possible recovery, noting that Solana may gather enough trading interest at current levels to approach $200 again. Liquidity at this price range is significant, but ongoing selling pressure and a generally bearish mood in the market continue to be factors.
According to technical analysis, SOL has broken above the top of an ascending triangle chart formation, first spotted in March. The asset is now “retesting the breakout zone,” as crypto analyst Jonathan Carter pointed out. “A successful bounce could confirm the bullish breakout and drive the price toward targets at $205, $225, and $268,” Carter stated.
In regulatory news, the U.S. Securities and Exchange Commission recently delayed rulings on five proposed Solana ETF products from firms including Fidelity and Grayscale. These decisions will not be revisited until at least Fall 2025. Despite this, odds on the crypto prediction platform Polymarket show an 80% chance of approval.
Traders expect that if SOL holds the current support level, the price may first test resistance at $205—a reversal point seen in April. SOL’s future movement is likely tied to broader crypto market trends in the coming weeks.
Investors are monitoring the lead-up to the next U.S. Federal Open Market Committee (FOMC) meeting on July 29. Any sign of reduced U.S. interest rates could boost the entire crypto market. Until then, some traders may wait for more monetary policy clarity before making major moves.
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