Solana Price Faces Bearish Pressure Despite ETF Hope

The October 10 crash that briefly sent Solana to $150 on some crypto exchanges has revealed more than just temporary market volatility. According to crypto analyst Klejdi Cuni, whose analysis was shared on TradingView, the crash actually confirmed a larger bearish pattern for SOL. The flash crash, triggered by Donald Trump’s 100% tariff comments on China, appears to have set Solana on a more bearish path toward further declines rather than marking a market bottom.

Despite Solana’s quick rebound above $200, the technical picture suggests the altcoin is not out of the woods. The broader market sentiment that the crash has come and gone, leaving markets in a more bullish state, contrasts sharply with Cuni’s analysis showing the entire bearish trend has yet to fully play out. With bearish indicators continuing to pile up, Solana faces the risk of declining to at least $170 in the near term.

In a worst-case scenario where the complete bearish narrative unfolds, Solana could experience a devastating 50% crash to $104. This would represent an even deeper decline than the October flash crash and could test the resilience of SOL investors who have grown accustomed to the cryptocurrency’s volatile but generally upward trajectory in recent months.

The struggling Bitcoin price creates additional headwinds for Solana and other altcoins. After initially recovering from market-wide pressures, Bitcoin has been on a slow decline, currently skirting around $111,000 and struggling to maintain its footing. This weakness in the flagship cryptocurrency typically translates to amplified pressure on altcoins like Solana, which often move in correlation with BTC during market downturns.

The interconnected nature of cryptocurrency markets means Solana cannot escape the gravitational pull of Bitcoin’s performance. As Bitcoin faces its own challenges maintaining price levels, the analyst believes this creates a cascading effect that puts Solana at greater risk of breaking below the psychologically important $200 support level. The current trading above $200 appears increasingly fragile as broader market conditions deteriorate.

Amid the gathering bear pressure, Solana maintains one significant bullish narrative: the potential approval of exchange-traded funds. Data from The Block website shows a total of 11 Solana ETF applications pending decision from the U.S. Securities and Exchange Commission. These regulatory approvals could fundamentally change Solana’s market dynamics by opening the floodgates to institutional capital.

The precedent set by Bitcoin and Ethereum ETFs demonstrates the transformative power of such approvals. Both cryptocurrencies experienced substantial liquidity inflows and price surges following their ETF launches. If the SEC grants similar approval for Solana ETFs, it could trigger a massive influx of institutional money that would effectively eliminate the current bearish pressure and establish new support levels.

However, the timing and certainty of these approvals remain uncertain, creating a tension between immediate technical bearishness and potential regulatory catalysts. Investors must weigh the clear technical warning signs against the possibility that ETF approvals could dramatically reverse Solana’s fortunes, much as they did for Bitcoin and Ethereum in their respective ETF journeys.