Solana Price Cools Near $234 as ETF Delays, Tests Bullish Momentum

Solana has been on an eventful ride this week. After rallying past the $250 mark, the token is now cooling off around $234, losing 3.47% in the last 24 hours but still keeping up 9.15% over the week. With a market cap of $127.24 billion and trading volumes surging nearly 20% to $9.78 billion, Solana remains one of the most actively traded assets in crypto. 

Yet, delays in Solana ETF approvals, combined with profit-taking by long-term holders, have added weight to the latest pullback. The big question now is whether SOL can defend its nearby support levels or risk sliding further. And this Solana price addresses that and more.

Why is SOL Price Going Down?

Despite Galaxy Digital acquiring 1.2 million SOL worth $306 million, bringing its total holdings to 6.5 million, which is worth ~$1.55 billion, short-term sentiment has been impacted by ETF-related uncertainty. The SEC’s delay on Solana ETF decisions has cooled institutional optimism, reducing speculative inflows. Meanwhile, some long-term holders are moving coins to exchanges, signaling profit-taking after the recent rally.

Solana Price Analysis

On the 4-hour chart, SOL price recently broke out of a rising wedge, a bearish pattern that often leads to a 10–15% correction. This coincides with the token slipping below the $240 zone, a level that had provided near-term strength during its last push higher.

Talking about indicators, the MACD still shows a bullish crossover, but fading momentum hints that bulls are running out of steam. The RSI sits near 49, reflecting neutral-to-weak sentiment after briefly dipping into oversold territory.

Immediate support lies at $231.87, which also aligns with the 23.6% Fibonacci retracement level. Holding this range, alongside the $230–$227 band, will be crucial for preventing deeper losses. A breakdown here could expose Solana price to its next safety net around $213.20, and in the worst case, $176.69, a zone that previously triggered stop-loss cascades.

On the upside, resistance at $252 remains a tough ceiling. Clearing it decisively could fuel a retest of $300, which now serves as the next major liquidity target. For now, traders are also watching the 30-day SMA at $207.07 for signs of stabilization should prices dip further.

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