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.
Solana ETF Driven Surge Meets Immediate Resistance
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:
The ones that pumped 10x already won’t do it again.
Altseason rewards those who spot new narratives, not those who chase old ones.
— VirtualBacon (@VirtualBacon0x) July 1, 2025
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.
Key Support and Resistance Levels After Solana ETF News
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.
What’s Next for SOL?
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.
Join The 99Bitcoins News Discord Here For The Latest Market Updates
Key Takeaways
- SOL shot up 5% on Solana ETF news and then gave it all back.
- 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.
The post Solana ETF Rally Fades as Charts Signal Potential 20% Drop appeared first on 99Bitcoins.
No Comment! Be the first one.