Solana (SOL) recently experienced a 10% drop in value, surprising many investors. The asset had seemed poised for a rally after the initial approval of the Ethereum ETF, but it now appears weaker compared to the rest of the market. The future of Solana’s recovery remains uncertain as it tests its support level at $160, with a potential further drop to $150 if this level does not hold.
On the resistance side, Solana faces barriers at $176 and $190, with a breakthrough needed for any significant recovery. Various factors may have contributed to Solana’s decline, including mixed market sentiment following the Ethereum ETF approval and technical issues such as failing to maintain key resistance levels.
Meanwhile, Ethereum remains stable despite the underwhelming price performance expected from the ETF approval. Regulatory uncertainties and the partial nature of the approval have hindered Ethereum from breaking key resistance levels. However, the approval sets a positive precedent for crypto adoption in the long term.
Cardano (ADA) is approaching a major support level at $0.45, which could potentially serve as a base for a reversal. The asset has shown strength in holding this support level despite its lack of volatility. ADA’s immediate resistance is at $0.50, with a potential rally target at $0.55 if this level is breached. Overall, ADA’s current position suggests the possibility of an upward move in the near future.