- SOL shows short-term bearish signs despite weekly gains
- Technical indicators suggest a potential consolidation phase
- ETF approval delay dampens sentiment but long-term outlook stays positive
Solana (SOL) is currently trading at $175.19, having slipped 2.67% within the last 24 hours, while daily trade volume declined 20.55% to $4.17 billion. While having declined within the last 24 hours, the token is still 16.23% higher over the last seven days, demonstrating strength against market volatility.
As per crypto analyst gemxbt, SOL is showing a sideways trend, and price is oscillating between $165 and $180.
Technically, SOL shows neutral RSI levels (40–60 range), implying an absence of strong buying or selling momentum. The MACD line has crossed below the signal line, suggesting a possible bearish divergence, while the 5-day moving average has dipped below the 10- and 20-day averages, both confirming weakened short-term sentiment. However, trading volume remains low, which may point more to investor indecision than to active selling pressure.
SEC Delays Grayscale’s Solana ETF Decision
Another significant event this week was the SEC’s delaying its review for an approval or disapproval decision for Grayscale’s spot Solana ETF, which was originally scheduled for this month.
The delay was finalized through a May 13 filing, which moves the ultimate ruling to October 2025. This follows the SEC’s cautious approach to crypto-based ETFs, echoing other recent delays for other altcoin products, including Litecoin and decisions pending for Polkadot and XRP.
The upcoming ETF, pending listing on the New York Stock Exchange, is part of the bid by Grayscale to bring traditional market access for altcoin holdings. There is investor optimism despite regulatory apprehension.
There is an 82% chance that the Solana ETF will be approved by the year’s end, a reflection of increased institutional demand for crypto alternative exposure, says Polymarket.
Solana price forecast remains bullish in 2025
Looking ahead, forecasts for Solana remain bullish. Analysts report that SOL may exceed $294.33, its previous all-time high, by the end of 2025. Analysts predict a potential range between $340.03 and $376.92, contingent on broader market performance and successful ETF approvals.
Solana touched $289.36 at the start of January 2025 before retracing below $175.45, the major psychological support. This was the first sub-$180 level since the start of 2021 but was promptly followed by fresh buying interest, which served to boost long-term support trends. With the channels for institutions widening and investor faith in crypto ETFs on the rise, SOL is poised for a strong bounce pending regulatory clarity.
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