Solana News Today: Solana Drops to $185 Support Amid SEC Delays in Ethereum ETF Approval

Solana (SOL) fell to a key support level of $185 on July 29 amid continued delays in the U.S. Securities and Exchange Commission’s (SEC) approval of a spot Ethereum ETF, triggering a 10% pullback from its recent eight-month high of $209[2]. The decline saw the price retest the $190 support level, a level previously reclaimed after a brief dip in early August[1]. Analysts remain cautiously optimistic, with some suggesting that if the $185 support holds, Solana could experience a significant breakout to new all-time highs[2].

The recent volatility has been attributed to broader uncertainty in the crypto market, particularly due to the ongoing regulatory scrutiny and prolonged decision-making process around ETFs. While the delay continues to weigh on sentiment, technical indicators and price action suggest that Solana’s fundamentals remain intact. A successful hold above $185 could signal a shift in momentum, potentially setting the stage for a resumption of the upward trend seen earlier this year[2].

Despite the pullback, Solana’s market positioning remains strong compared to other major crypto assets. The network’s growing ecosystem, including its expanding DeFi and NFT platforms, continues to attract developer activity and user interest. This underlying strength has not gone unnoticed by analysts, with several forecasting a potential surge in the coming months if regulatory clarity improves and broader market confidence returns[1].

The broader cryptocurrency market remains in a state of flux, with Bitcoin and Ethereum also facing mixed signals ahead of potential ETF approvals. However, Solana’s unique position as a high-performance blockchain with a growing use case base may offer it a degree of resilience compared to other altcoins. Market watchers are now closely monitoring both price action and regulatory developments, particularly the SEC’s next move on Ethereum ETFs, which could trigger a wave of buying interest across the crypto sector[1].

The SEC delayed the final deadline for the decision on Bitwise, 21Shares, VanEck, Grayscale, and Canary Capital Solana ETFs for two months, pushing it to October 16, 2025. Despite the delay, ETF expert James Seyffart suggested that the SEC’s decision is not a bad sign, adding that he expects standard spot SOL ETFs to be approved by mid-October “at the latest”[2].

Analyst Ali Martinez offered a positive outlook for the cryptocurrency, affirming that Solana might be offering “a final buy-the-dip chance” before a potential 100% rally from current levels. Martinez pointed to a six-month ascending triangle pattern on the altcoin’s chart, which targets the $360 area once it breaks out of the formation. Notably, SOL has retested the pattern’s resistance twice since the July breakout, with its latest rejection occurring on Thursday[2].

Amid the recent performance, Martinez also noted that wallets holding over 10,000 SOL tokens hit a new all-time high this week, with 5,224 wallets holding around $2 million worth of Solana each. Meanwhile, Sjuul from AltCryptoGems asserted that the cryptocurrency is “trading in a perfect uptrend, already tested the resistance at $200 three times,” highlighting SOL’s four-month ascending channel. To the market watcher, Solana will likely break out and move to all-time high levels soon if it holds above the $180 level, which has been a crucial support and resistance area for the altcoin this cycle[2].

As of the latest update, Solana is trading at $184.9, a 4.7% decline in the daily timeframe. Market observers are closely watching whether the key support level can hold as the broader crypto market continues to navigate regulatory and macroeconomic uncertainties.

Source:

[1] https://www.mitrade.com/insights/news/live-news/article-3-1045110-20250816

[2] https://www.newsbtc.com/news/solana-drops-to-185-support-amid-sec-etf-delay/