Will Solana (SOL) Experience a Strong Bearish Trend Soon?

• Solana price observed a decline of 2.36% in the last seven days.
• The SOL ETF approval deadline is expected to fall in mid-March 2025, says famed ETF analyst.

Solana has witnessed a minimal spike in the last 24 hours, hitting the $145 mark after an intense bearish weekly performance. As the bears dominate the SOL market, the price volatility intensifies, and fluctuates, leaving traders anxious. 

Notably, in the last 24 hours, SOL recorded a high of $145.88 and a low level of $138.78. Its daily trading volume declined by 34.13% to $2.15 billion. At the press time, Solana was trading at $142 with a market cap of $66 billion, according to CMC data. 

Meanwhile, Solana exchange-traded funds (ETFs) grab the market’s attention, spurring the anticipation. Bloomberg ETF analyst, Eric Balchunas notified on X, that Solana ETFs are expected to have a final deadline of mid-March 2025. The Chicago Board Options Exchange (CBOE) has submitted a 19b-4s application to the United States Securities and Exchange Commission (SEC) for the approval of Solana ETFs listing.

Will SOL Dip Further?  

Evaluating the past week, Solana’s price performance has declined by 2.36%. It marked the weekly low at the $122 level. When looking at the monthly price momentum, a steady drop of 10.46% is noted. At the start of July, SOL began with a high of $154.71 but it slid down to a low of $122.7. 

As per the 24-hour price chart, Solana’s daily RSI stood at 50.05, indicating the asset is in the neutral zone. Moreover, at press time, the token’s short-term 9-day MA stays slightly below the current trading price. This indicates the SOL’s brief slip into the bullish zone, as per the TradingView data.

SOL Price Chart (Source: TradingView)

Assuming the SOL revival, the initial resistance could be at $151, and the subsequent resistance level to be found at $160. Conversely, if SOL can’t maintain its price momentum, it may bottom to the immediate support at $133. Furthermore, a strong bearish trajectory could take the price down to the $124 range. 

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