Key Points
- Solana is down by less than 1% and is currently trading below $140.
- Canary Capital and Fidelity announced on Tuesday the launch of their spot Solana ETFs, SOLC and FSOL.
SOL slips about 1% despite positive fundamentals
SOL, the native token of the Solana blockchain, declined by just under 1% in the past 24 hours and is trading below $140. This modest drop comes despite Tuesday’s announcement from Canary Capital and Fidelity introducing spot Solana exchange-traded funds (ETFs), SOLC and FSOL.
The ETF announcements bolstered market sentiment by highlighting growing institutional interest. However, that optimism has not yet translated into a decisive rebound for SOL, which remains near its weekly support level around $128.
Fidelity became the fourth asset manager to launch a SOL ETF and has added staking functionality to its fund. This development reflects increasing institutional appetite for Solana-based investment products and could support a longer-term bullish outlook for SOL if adoption continues.
SOL may retest the $128 low as downward momentum persists
The daily SOL/USD chart is showing bearish behavior as Solana has underperformed in recent days. SOL was rejected at a daily high of $168.79 last week and has lost more than 22% of its value since then. At the time of writing, SOL is trading above $136 after reaching $144 on Tuesday.
If the current support around $128.68 holds, SOL could extend a recovery toward the next major resistance and trend line target near $160. The daily Relative Strength Index (RSI) sits near 34, signaling that bearish pressure remains significant.
Conversely, a daily close below $128.68 in the coming sessions would likely push SOL down to the next daily support at $118. Presently, trend indicators and order flow appear negative, suggesting sellers are in control.