SOL Price Plunges to $158 as BSOL ETF Fails to Spark Rally
TLDR
- Solana price crashed to $158 after breaking down from a symmetrical triangle pattern.
- SOL dropped below critical support at $178 to $180, confirming strong bearish momentum.
- The cryptocurrency now tests the historical demand zone between $155 and $165.
- Bitwise’s BSOL ETF accumulated $400 million in assets during its first week of trading.
- The BSOL ETF launch failed to prevent Solana from experiencing sharp price declines.
Solana’s price dropped to $158 despite recent excitement around Bitwise’s staking ETF launch. The cryptocurrency now tests a critical support zone between $155 and $165. Market participants question whether SOL price will recover or continue declining.
SOL Price Breaks Down from Key Pattern
Solana broke down from a symmetrical triangle pattern that traders had monitored closely. The breakdown confirmed a shift in market momentum after weeks of consolidation. This pattern typically signals strong directional moves once resolved.
The crash pushed SOL price below crucial support at $178 to $180. This level combined horizontal support with the 0.382 Fibonacci retracement and 21 exponential moving average. The breach triggered a lower low formation at $158.
Technical indicators are sending mixed signals about the cryptocurrency’s next move. The Bollinger Band Width Percentile spiked on the four-hour chart, indicating high volatility. However, the daily reading stands at 65%, suggesting more movement could occur soon.
BSOL ETF Launch Creates Market Attention
Bitwise launched its BSOL ETF on October 28, introducing a staking-enabled product. The fund accumulated $400 million in assets under management during its first week. This performance exceeded Rex-Osprey’s SSK, which holds $370 million in assets.
The BSOL ETF represents a new investment vehicle for institutional participants. Yet the product launch failed to prevent SOL price from declining sharply. Market observers now watch for potential fund inflows that could reverse the trend.
Solana currently tests the $155 to $165 historical demand zone. This area attracted strong buying interest during previous corrections. Traders monitor whether accumulation will emerge at these levels.
Critical Support Levels Define Next Move
The $155 mark represents the next significant level of support for the SOL price. A failure to hold this zone could extend losses to $130 to $140. These levels mark deeper retracement areas from recent rallies.
Volatility measurements suggest that the market is approaching a potential exhaustion point. Short-term relief bounces could occur as momentum indicators reach extremes. However, the daily timeframe indicates room for further movement.
The BSOL ETF inflows remain a key catalyst for potential recovery. Fund flows could provide buying pressure if institutional interest increases. Market structure now depends on whether support holds at current levels.
The post SOL Price Plunges to $158 as BSOL ETF Fails to Spark Rally appeared first on CoinCentral.
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