Solana prices are under pressure despite an increase in trading volume. Recent data indicates a decline in ETF approval odds, impacting investor sentiment.
Current Trends in the Solana Market
Despite a 28% increase in trading volume to $3.91 billion, Solana shows negative price actions. The current token price stands at $136.96, with a market cap of $73.45 billion. The Relative Strength Index (RSI) indicates a drop and is in the oversold range, reflecting increasing bearish sentiment in the market.
Odds of Solana ETF Approval
Recent data shows that the odds of ETF approval for Solana by July 31 have dropped to 45%, a significant decrease from the 71% recorded on June 17. However, looking at a longer time frame, the probability for approval in 2025 stands at 92%, indicating a notable increase of 18%.
Solana Price Predictions
If a trend reversal occurs, the Solana price could retest its important support area around $140. Conversely, if bearish sentiment persists, the price could test the pivotal support level at $127.
The current analysis indicates that Solana is in a challenging market situation. Investor decisions and expectations may be under pressure due to uncertainty regarding ETF approval and prevailing bearish sentiments.
