At the time of writing, the price of SOL is trading at $183, with daily losses of 5.3%, weekly losses of 17.2%, and monthly losses of 23.1%. Solana lost the key level of $200 while the cryptocurrency market is once again turning red.

$450,000,000 liquidated from the cryptocurrency market in the last 30 minutes.

What is behind the fall of SOL?

SOL falls in line with the overall market correction. Most of the top 100 crypto assets remain in negative territory, while BTC has retreated again to $108,000.

Analysts agree that whales are moving large amounts of SOL to exchanges, coinciding with the proximity of the possible approval of the U.S. spot SOL ETFs. These massive transfers could be putting bearish pressure on the price.

Large investors like Forward Industries and Galaxy Digital made significant moves towards exchanges today:

Forward Industries would have transferred around $192 million in SOL to a certain platform, while Galaxy Digital sent 250,000 SOL - about $50 million - to another platform. This type of operation is usually interpreted as a sell signal, generating an increase in selling pressure.

As sales drive the correction, expectations grow for the approval of a spot ETF for SOL in the United States. The manager 21Shares submitted Form 8-A(12B) to the SEC, the final step prior to a possible authorization of the product. If approved, the fund could attract institutional investment flows.

On October 14, VanEck updated its ETF application:

VanEck presents the update on the Solana Staking ETF application. The fee will be 0.30%.

Technical Analysis: Key Levels to Consider

The loss of the psychological level of $200 and the break below the 30-day simple moving average, located at $216.55, confirm that Solana is undergoing a phase of technical weakness. The SOL/USD pair shows a clear bearish structure in the short term.

Resistances to observe:

• $196: immediate resistance, aligned with the EMA 200.
• $205: midpoint necessary to recover the level of $200.
• $211: stronger resistance, with a significant concentration of sell orders.

Supports to watch:

• $182: daily minimum from which the token briefly rebounded.
• $178: if the previous support breaks, the fall could extend to this level.
• $173: strongest support and minimum from last weekend.

The RSI, at 41 points, reflects bearish dominance, although it is starting to show signs of exhaustion, which could anticipate a short-term technical rebound.

Important data to consider for the price of SOL

The Fear and Greed Index, which measures the general sentiment of the crypto market, fell to 32, indicating a predominance of fear among investors.

The dominance of Bitcoin increased to 58.72%, reflecting a greater market preference for the main asset. In parallel, the Altcoin Season Index decreased to 28/100, indicating strong risk aversion towards alternative cryptocurrencies.

On Thursday at noon, shares of The Solana Company (HSDT) fell 40%, affected by the correction of the SOL token, the main asset in its treasury.

During the second quarter, institutional investments in Solana reached $530 million, confirming that the network remains one of the leading bets in blockchain infrastructure.

Currently, each transaction on the Solana network costs less than $0.002 and the system can process over 65,000 operations per second.