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Solana price nears a pivotal support level
Solana (SOL) has lost roughly 15% over the past week and is now approaching a key technical floor. Traders and investors are watching closely: will buyers defend the $190 zone, or could SOL extend its decline toward the $170 area seen last week?
Quick market snapshot
Solana was trading near $193 at the time of reporting, down more than 5% intraday and roughly 15% over seven days. The recent sell-off reflects heightened risk-off sentiment across crypto markets as macroeconomic pressures and geopolitical factors weigh on risk assets.
Technical picture: $190 is the line in the sand
On the daily chart, SOL is testing the $190 support level — a band that has repeatedly acted as a short-term floor since late August. Technical momentum currently favors bears: the 20-day moving average has crossed below the 50-day moving average, a classic bearish crossover that often precedes short-term weakness.
Solana price is testing $190 support
If sellers push SOL beneath $190 decisively, the next logical target is the $170 area, which represented last week’s low and a psychological support for many traders. Conversely, a clean breakout above $211 would likely invalidate the immediate bearish setup and could attract momentum buyers, shifting market structure back in bulls’ favor.
What traders should watch
- Price action around $190: hold or break will set the near-term bias.
- Volume on declines versus rallies: rising selling volume increases the odds of continuation to $170.
- Moving average alignment: a recovery that flips the 20-day above the 50-day would be an early bullish signal.
Macro backdrop and investor sentiment
Broader market risk appetite has been fragile. Renewed U.S. tariffs on Chinese imports and the upcoming tariff review deadline have added uncertainty. That said, sentiment has eased somewhat from extreme fear after recent dovish comments from the U.S. Federal Reserve chair, who signaled the possibility of additional rate cuts later this year. Lower rates are generally constructive for cryptocurrencies, but traders are taking a cautious stance until more clarity emerges from U.S.–China talks and macro data.
Fundamentals: network activity and ETF potential
Despite price weakness, Solana’s on-chain activity remains robust. In the most recent 24-hour window, the network recorded approximately $6.16 billion in DeFi trading volume, outperforming rivals such as Ethereum and BNB Chain. This sustained activity underscores that user engagement and decentralized finance demand on Solana are still strong — a bullish fundamental pillar even while prices correct.
Adding to the bullish narrative is growing ETF speculation. Asset manager 21Shares recently filed a Form 8-A with the U.S. Securities and Exchange Commission for a spot Solana ETF, a step that brings the instrument closer to potential approval. If regulators greenlight a spot SOL ETF, it could open the door to significant inflows from institutional and retail investors who prefer familiar, regulated vehicles. That inflow could materially support longer-term upside for SOL once confidence returns.
Outlook
In the short term, keep an eye on the $190 support zone: a breakdown increases the probability of a move toward $170, while a decisive reclaim of $211 would likely flip the near-term bias bullish. Medium-term prospects hinge on macro developments and any regulatory approval of a spot Solana ETF. If ETF approval arrives and macro headwinds abate, Solana could regain momentum into the final quarter, a period that has historically favored risk assets.
For traders and investors, combining technical levels with network metrics and ETF developments will provide a clearer roadmap for SOL’s trajectory through Q4.
Source: crypto
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