- Solana price remains pressured after a two-day losing streak, despite record stablecoin supply on L1 & L2 chains.
- U.S. SEC approaches deadline on approving SOL ETF applications from Bitwise, 21Shares, etc.
- 50-day EMA guards immediate Solana recovery within a 7.5-month-old bullish channel.
- Bearish DMI, MACD, and broad crypto market anxiety test SOL buyers before the ETF news.
- A downside break of $173.00 will reject the broad bullish trend, $227 can test SOL buyers past $210.
Solana (SOL) price remains sidelined near $193.00 early Thursday, posting a three-day losing streak despite lacking momentum of late.
The altcoin’s latest weakness fails to justify the record stablecoin inflows on Solana’s Layer 1 and Layer 2 chains in the last 24 hours, amounting to $17 billion per a prominent news outlet.
That said, the SOL’s weakness could be linked to traders’ positioning for widely anticipated spot Exchange-Traded Fund (ETF) approval from the U.S. Securities and Exchange Commission, as it approaches the October 16, 2025, decision date. However, the U.S. government shutdown may disappoint optimists.
Also read: Will Solana Price Crash Again? Galaxy Digital Dumps $51M SOL
Technically, Solana’s U-turn from the 50-day Exponential Moving Average (EMA) and bearish signals from momentum indicators, such as the Directional Movement Index (DMI) and Moving Average Convergence Divergence (MACD), keep bears hopeful.
Notably, downbeat trading volume and market capitalization (market cap) also raise doubts on the quote’s latest weakness, suggesting a quick rebound in prices if the ETF news materializes. According to Santiment, Solana’s daily trading volume drops for the second consecutive day after hitting a weekly high, to $9.24 billion, whereas the market cap stays under pressure around $105.6 billion as we write.
Still, the 200-day EMA and an ascending trend channel since early May, as well as hopes of getting the SOL ETF, underpin bullish bias surrounding the altcoin.
Solana Price: Daily Chart Keeps Buyers Hopeful Beyond $173
Solana’s clear reversal from the 50-day EMA joins bearish MACD signals (red histograms) to underpin the downside bias. Also keeping the short-term sellers hopeful is the positioning of multiple lines within the DMI momentum indicator.
That said, the DMI’s Downmove (D-, Orange) line tops the ADX (Average Directional Index, Red) line and the D+ (Upmove, Blue) line, as well as stays closer to the 25.00 neutral level, which in turn suggests bearish momentum.
With this, the SOL is likely approaching the 200-day EMA support of $186.00 before challenging the multi-month bullish channel, currently between $173.00 and $262.00. Also acting as an important downside filter is the 78.6% Fibonacci retracement of its January-April fall, near $171.60.
Notably, Solana’s daily closing beneath $171.60 makes it vulnerable to slump toward lows marked in August and June, close to $155.80 and $126.10 in that order, before approaching the $100 threshold and the yearly bottom surrounding $95.30.
Alternatively, SOL’s daily closing beyond the 50-day EMA hurdle of $210.00 could allow buyers to aim for the 61.8% Fibonacci ratio and a month-old resistance line, respectively near $219.00 and $227.00.
Following that, the 78.6% Fibonacci retracement and the stated bullish channel’s top, close to $252.40 and $262.00 in that order, might test the buyers targeting the yearly high of $295.11 and the $300.00 round figure.
Solana Price: Four-Hour Chart Points To Short-Term Bearish Bias
On the four-hour chart, Solana extends its pullback from the 100-bar EMA hurdle while attacking the 61.8% Fibonacci retracement of its August-September upside, near $193.00.
Given the downbeat MACD and DMI clues, coupled with the sustained reversals from the 100-bar EMA, the SOL is likely to break the immediate $193.00 support, which in turn can drag prices toward the 78.6% Fibonacci ratio surrounding $176.00.
If Solana bears keep the reins past $176.00, August’s low of $155.91 and deeper levels discussed on the daily chart will gain the market’s attention.
On the flip side, a clear upside break of the 100-bar EMA hurdle of $208.50 could fuel the SOL toward the 38.2% Fibonacci ratio and a month-old resistance line, respectively near $216.25 and $227.00.
Beyond that, a four-week horizontal area surrounding $248.00-$250.00 and the previous monthly high of $253.49 may test the SOL bulls before directing them to the daily chart’s higher levels.
Conclusion
A broad crypto market consolidation joins Solana traders’ positioning for the spot ETF approval news, as well as downbeat technical catalysts, to underpin short-term bearish bias about the altcoin. However, a strong ecosystem and a multi-month bullish channel keep SOL buyers optimistic despite the quote’s three-day losing streak.
Also read: Cryptocurrency Weekly Price Prediction: BTC, ETH & XRP Plummet under U.S. Risk Pressure
