SOL Tests Technical Support Near $184 as SEC ETF Delay Weighs on Sentiment
The post SOL Tests Technical Support Near $184 as SEC ETF Delay Weighs on Sentiment appeared on BitcoinEthereumNews.com.
Timothy Morano Oct 22, 2025 05:36 Solana trades at $184.06 with muted 0.03% daily gains as traders digest the SEC’s October 16 delay on Solana ETF applications, while technical indicators suggest consolidation phase. Quick Take • SOL trading at $184.06 (up 0.03% in 24h) • SEC ETF delay continues to weigh on institutional sentiment • Price testing support above 200-day moving average at $175.60 • Broader crypto correlation remains intact with Bitcoin’s daily gains Market Events Driving Solana Price Movement The primary catalyst affecting SOL price this week remains the October 16 SEC decision to delay approval of Solana-based exchange-traded fund applications. The regulatory setback has maintained downward pressure on institutional sentiment, with the market interpreting the delay as another hurdle for mainstream Solana adoption. While crypto analyst JamesEastonUK highlighted a potential breakout targeting $415 based on a long-term ascending triangle formation, this technical optimism has yet to translate into meaningful price momentum. The analyst’s prediction, focusing on patterns since early 2023, provides a longer-term bullish framework but lacks immediate catalysts to drive SOL price action. The current trading environment reflects a market digesting regulatory uncertainty while maintaining relative stability above key technical support levels. With limited fresh catalysts emerging in recent sessions, Solana technical analysis suggests traders are positioning for the next directional move. SOL Technical Analysis: Consolidation Phase Price Action Context SOL price currently sits below all major short-term moving averages, with the 7-day SMA at $185.95 providing immediate overhead resistance. The asset remains approximately 9% below the 20-day moving average of $203.06, indicating continued short-term weakness. However, the fact that SOL maintains its position above the critical 200-day moving average at $175.60 suggests the broader uptrend structure remains intact. Trading volume on Binance spot market reached $850.6 million over…
