Solana’s SOL token faces potential volatility as Invesco and Galaxy Digital Asset Management file for a spot ETF, with technical indicators suggesting a possible retest of $189 despite current bearish momentum. The filing coincides with a 7.23% price drop and over 68% surge in trading volume, reflecting heightened market uncertainty.
Polymarket prediction data indicates a 42% probability of regulatory approval by July 31, though long-term approval odds for the year stand at 90%. This regulatory development introduces fresh volatility while underscoring sustained institutional interest in Solana’s ecosystem.
Technical analysis reveals bearish pressure with MACD and EMA indicators signaling downward momentum. Key resistance levels emerge at $158 and $189, while critical support hovers near $140. Market watchers note that intensified liquidation pressure could drive SOL toward $127 if bearish trends persist.
Contrarily, a bullish reversal scenario could propel prices toward the $189 resistance level or even $200. Analysts emphasize that regulatory developments will be pivotal in determining SOL’s trajectory, with ETF approval prospects potentially offsetting short-term technical headwinds.