The cryptocurrency market is still under pressure, with sales ongoing amidst macroeconomic concerns. Solana, in particular, is testing critical support levels.
Overview of Current Market Situation
At the beginning of Sunday, the cryptocurrency market recorded $131 million in liquidated positions over the past 24 hours, according to Coinglass data. This follows a significant sell-off last week, where investors began to take profits.
Situation with Solana and $140 Support
Solana has mirrored this market sentiment, dropping for four days straight from a high of $168 on June 11 and testing the crucial $140 support on June 13. This support level is critical as the price of SOL rebounded from it following Friday's sell-off, which saw major altcoins take heavy hits.
ETF Prospects and Market Influence
Analysts suggest that the U.S. Securities and Exchange Commission may begin approving some cryptocurrency-related exchange-traded funds (ETFs) as early as next month. This is anticipated to lead into an 'altcoin ETF summer,' with Solana likely being a frontrunner.
Monitoring support levels and the potential approval of ETFs may be pivotal factors for the future of the cryptocurrency market, including the situation with Solana.
