Solana (SOL) has dropped 15% in the past week, currently trading at $193.62, as bearish sentiment grips the broader crypto market. The Fear and Greed Index stands at 35 (“Fear”), reflecting investor uncertainty, while the crypto market cap holds at $3.12 trillion, with $125.13 billion in daily trading volume. Major cryptocurrencies are also struggling, with Bitcoin (BTC) slipping to $96,048 (-1.92%) and Ethereum (ETH) down to $2,605 (-5.61%). Meanwhile, XRP has dropped to $2.40 (-0.72%). With the Altcoin Season Index at 29/100, Bitcoin’s dominance remains strong, limiting altcoin recovery prospects. Solana ETF Filing Gains SEC Recognition In a notable regulatory development, the U.S. Securities and Exchange Commission (SEC) has acknowledged the first-ever Solana ETF filing, marking an important milestone for the cryptocurrency. The approval of NYSE’s 19b-4 filings allows firms like Grayscale, Bitwise, and VanEck to move forward with Solana-based ETF applications. NEW: Very noteworthy that the @SECGov has acknowledged @Grayscale ’s $SOL filing because, as James mentions, the Gensler SEC alleged in prior litigation that Solana might be a security. The same SEC asked the @CBOE to withdraw issuers’ Solana filings just a few weeks ago when… https://t.co/FUNflhNmgo — Eleanor Terrett (@EleanorTerrett) February 6, 2025 Bloomberg ETF analyst James Seyffart noted that this acknowledgment suggests changing sentiment at the SEC, which previously directed issuers to withdraw Solana-related applications under Gary Gensler’s leadership. UPDATE: SEC just acknowledged the @Grayscale Solana 19b-4. This is actually newsworthy because the SEC had refused to do this in recent filing attempts for SOL pic.twitter.com/m2D88GKG5i — James Seyffart (@JSeyff) February 6, 2025 With new SEC leadership expected, analysts predict a final decision on Solana ETFs by October 11. If approved, this could fuel institutional adoption of SOL and provide fresh momentum for its price recovery. Solana Faces Resistance at $203 Amid Bearish Pressure Despite regulatory optimism, Solana (SOL) remains in a downtrend, struggling below $203, a critical resistance level aligning with the descending trendline. The 50-day EMA at $206.68 continues to cap upward moves, reinforcing the bearish outlook. Solana Price Chart – Source: Tradingview A descending triangle formation signals potential downside risk, especially if SOL fails to hold its double-bottom support at $187. A break below this level could accelerate declines to $176 and $162, both historically strong support zones. To shift sentiment, SOL must break and hold above $203, which could open the door for a rally toward $218 and $231. However, with weak momentum and market fear prevailing, the bearish scenario remains dominant unless SOL reclaims these levels. Key Insights: Solana remains under $203 resistance, maintaining a bearish structure. A breakdown below $187 could trigger a sharper decline toward $176 and $162. The SEC’s acknowledgment of Solana ETF filings is a positive long-term catalyst. From Solana to Solaxy: A Game-Changer in Layer 2 Scaling While Solana faces near-term technical challenges, innovation within its ecosystem remains strong. One of the most exciting developments is Solaxy ($SOLX) —Solana’s first Layer 2 scaling solution designed to address network congestion and reduce transaction fees. Solaxy ($SOLX) has already secured over $18.73 million in its presale, attracting 65,000+ followers on X. As Solana users search for improved scalability and lower costs, Solaxy aims to deliver faster transactions and enhanced interoperability with Ethereum and other major blockchains. With staking rewards reaching 216% annually and over 5.31 billion $SOLX tokens staked, investors are positioning themselves for long-term gains. As the presale nears its final phase, $SOLX is currently priced at $0.001628, with the next price increase just around the corner. If you’re considering an early entry into Solana’s growing ecosystem, now is the time to act before the next price hike. The post Solana Struggles: Price Down Almost 15% in a Week – Is It Time to Buy? appeared first on Cryptonews .
