Oh dear, Solana (SOL) has taken a tumble like a clumsy giraffe, slipping 13% in a week and a further 3.16% in a day. It’s like watching a stack of coins fall over—noisy and a bit messy. The market’s favorite game of ‘up and down’ continues, leaving everyone guessing what’s next for this crypto curiosity.
As SOL takes a dive, the whole cryptocurrency pool is feeling a bit chilly, with Bitcoin and friends also splashing about in the deep end. In just 24 hours, crypto traders have seen $270 million vanish like a magician’s rabbit—poof! And leverage longs? Well, they’ve lost a whopping $161 million. It’s like watching a magic trick gone wrong.
Since March 29th, when Solana hit a low of $126, it’s been bouncing around like a rubber ball between $122 and $130. Tiny increases here and there, but let’s face it, it’s like trying to fill a swimming pool with a teaspoon.
The launch of the Solana futures ETF in late March gave SOL a little boost, like a caffeine shot for a sleepy student. But oh, how quickly the market yawned and went back to sleep.
Volatility Shares LLC decided to throw a party with two new ETFs, SOLZ and SOLT, but it seems like the invitations got lost in the mail. The first ETFs to track Solana futures are waiting for the SEC’s stamp of approval, and everyone’s holding their breath. Will they get the green light? Place your bets!
Bloomberg’s ETF analyst, Eric Balchunas, shared a little secret on March 31st: the Solana futures ETF hasn’t exactly set the world on fire. It’s like showing up to a party and realizing you’re the only one who dressed up.
As the crypto world holds its breath, SOL is currently down to $125.58. But hey, it’s not all doom and gloom—cryptocurrency ETPs had a little party last week with $226 million flowing in. Solana even got a cute little gift of $7.8 million. Awww.
If SOL wants to show some muscle, it needs to break through the $133 barrier and hold on tight. If it manages that, it might just make it to the 50-day SMA at $148. But if the bears start growling, they’ll need to push SOL below the $110-$120 support zone. If they do, it’s curtains for SOL, and we might see it slide all the way down to $80. Stay tuned for the next episode of ‘Crypto Cliffsnotes’!
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2025-04-02 14:58