Solana’s $190 Woes: Will It Plummet to $170? 📉

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Solana price has shed 15% over the past week and is now teetering near a crucial support level. Will the bulls step in to hold the line, or is a deeper drop still on the cards? 🤷‍♂️

always the life of the party.)

While rate cuts are bullish for cryptocurrencies, traders remain hesitant as they remain in wait-and-watch mode, looking for signs of progress in the upcoming U.S.-China discussions ahead of the looming Nov. 1 tariff deadline. (Because nothing says “excitement” like waiting for a trade war to resolve.) 

Positive development could prove crucial in reigniting bullish momentum across the crypto market, including Solana’s, as it heads deeper into Q4, which has historically been the most bullish quarter for crypto assets. (Q4: the crypto equivalent of a “hope spring is coming” meme.)

Solana price testing $190 support

On the daily chart, Solana is once again testing the $190 support zone, a level that has repeatedly acted as a floor for the token since late August. (Because who needs consistency when you can have a floor that’s basically a trampoline?)

However, technical indicators appear to favor a bearish setup, with the 20-day moving average crossing below the 50-day, a classic signal of a bearish reversal, which in Solana’s case could lead to further losses in the short term. (Technical indicators: the crypto market’s version of a fortune cookie.)

If SOL fails to hold above $190, it could slide further toward $170, a level that marked last week’s low. (Because why have one low when you can have two?)

On the flip side, a clean breakout above $211 would flip the script and likely invalidate the bearish outlook. (Because nothing says “optimism” like a 211 breakout. 🎉)

Strong network performance and ETF hype to support bullish narrative

The Solana network has held its ground even as the broader market slows down. In the past 24 hours, it logged an impressive $6.16 billion in DeFi trading volume, outpacing competitors like Ethereum and BNB Chain. This sharp uptick confirms that activity on the network remains vibrant, with users continuing to engage despite the overall market hesitation. (Solana: the only token that’s still throwing parties while everyone else is crying.)

Investors are also buzzing with excitement over the potential launch of the first spot ETF for Solana.

Just hours ago, asset manager 21Shares filed a Form 8-A with the US Securities and Exchange Commission, signaling the final regulatory green light needed for its Solana exchange-traded fund to go live. Once approved, it could pave the way for a wave of fresh capital from traditional investors, a shift that could fuel long-term upside for the token. (ETFs: because nothing says “trust” like a regulated fund for a token that’s basically a rollercoaster.)

As such, once the dust settles and the broader market regains its footing, Solana may find the breathing room it needs to regain upward momentum as it heads into the final stretch of the year. (Final stretch of the year: because nothing says “recovery” like a crypto token that’s been through the wringer.)

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2025-10-16 10:57