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The Solana price jumped 7% in the past 24 hours to trade at $121.40 as of 10:01 p.m. EST, despite trading volume dropping 7% to $4.4 billion.
This comes as senior Bloomberg ETF analyst James Seyffart said the first Solana ETF to be approved will likely be Oct. 10, bang on the earliest final decision deadline.
Episode 190: What ETFs are Saying about Where the Market is Headed Next with James Seyffart of Bloomberg Intelligence@alextapscott @AndrewY_SX @JSeyff @BBGIntelligence @NinepointDAG
0:00 Introduction
2:00 Market Turmoil and ETF Dynamics
6:08 ‘Bearish But Long’ & ‘Vanguard… pic.twitter.com/vlGa2TY63q— The DeFi Decoded Podcast (@defidecodedpod) April 11, 2025
Solana Price On A Bearish Trend
The SOL price action reflects a strong bearish trend, clearly confined within a well-defined falling channel pattern.
After peaking near $295, the Solana price has been in a consistent downtrend, shedding over 25% from a local high. The price of SOL sits at $121.40, showing little sign of escaping the channel as each rally has been met with selling pressure at the upper resistance line.
The presence of a Death Cross, where the 50-day Simple Moving Average (SMA) has crossed below the 200-day SMA, confirms that the medium-to-long-term momentum has shifted to the downside.
SOL trades well below both the SMAs, confirming the sustained bearish trend.
The Relative Strength Index (RSI) stands at 47.79, placing it below the neutral 50 level. This suggests a modest bearish momentum, although the indicator is not in oversold territory.
The Moving Average Convergence Divergence (MACD) histogram is showing slight bullish divergence, with the MACD line at -5.76 and the signal line at -6.76, resulting in a small positive histogram reading of 0.99.
SOL/USDT Chart Analysis (Tradingview)
SOL Price Prediction
Based on current technical evidence, the Solana price outlook remains bearish.
The well-formed falling channel and the recent Death Cross suggest further downside. If sellers continue to dominate, the next major support level is around $95, a 25% drop, corresponding to the projected move from the top of the falling channel to the lower target area.
However, if the SOL price breaks out of the falling channel and successfully reclaims the 50-day SMA near $132, a recovery toward $150–$160 becomes plausible. Such a move would also need confirmation through rising volume and a bullish crossover on the MACD.
Meanwhile, investors are flocking to buy a new Solana project called Solaxy (SOLX), which is one of the most successful presales of the year.
Popular YouTube channel 99Bitcoins, with over 725K subscribers, says the crypto has the potential to soar 100X after launch.
Solaxy Presale Closes On $30 Million – Next Crypto To Explode?
Believers in Solana’s monolithic design have often dismissed its longstanding network congestion, but recent performance shows it’s in need of help.
That’s where Solaxy comes in. It is the first Layer-2 built specifically for Solana. It aims to offload the burden and finally unlock the chain’s full potential for users, developers, and investors alike.
The project aims to solve Solana’s congestion problems with features like transaction bundling and off-chain processing, improving Solana’s efficiency and speed.
Investors have backed the project with more than $29.7 million in funding.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
Although Solaxy is built to work with Solana, the project will first launch on Ethereum. The team is developing a bridge between the two blockchain networks to connect them.
By buying and holding SOLX, users can also earn passively through the platform’s staking mechanism, which offers a sky-high annual yield of 137%.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens at the current price of $0.001692 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in less than 34 hours to secure the best deal.
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