In the latest market developments, Solana is under pressure, facing a critical support level at $140. Analysts predict a potential price drop to $100.
Critical Support at $140 and $100 Expectation
Solana has entered a downward trend in line with the overall sell-off in the cryptocurrency market. After reaching a local peak of $168 on June 11, SOL experienced four consecutive days of losses, subsequently testing the crucial $140 support on June 13. Analysts believe this level is significant, as SOL previously managed to recover from it. Crypto analyst Ali Martinez warned, 'If Solana loses the $140 support, it could pave the way for a deeper correction towards $100.'
ETF Optimism and Its Impact on Solana
Despite the short-term market pressures, there are medium-term developments that keep hopes alive. Analysts suggest that the SEC may start approving ETFs tracking specific cryptocurrency indices, potentially initiating an 'altcoin ETF summer' next month. There is anticipation around early decisions regarding ETF applications related to Solana and staking.
Overall Situation in the Cryptocurrency Market
As selling pressures continue, analysts focus on the $140 level as crucial for SOL's future movements. Investors will be on the lookout for potential catalysts that could shift the current negative dynamics.
Solana is facing challenges amid overall market pressure, making the $140 level critically important. Future ETF decisions could change the outlook for SOL.
