The SEC delayed several ETF applications today, specifically targeting those based on Solana, XRP, Litecoin, and Dogecoin. The Commission has faced recent criticism for its pro-crypto actions, and this may help buy it some time.

Nonetheless, it also acknowledged fresh applications shortly before delaying this group. Many of these filings came from the same issuers or applied to the same cryptoassets as the first group.

SEC Delays Altcoin ETFs

The SEC has been undergoing many changes recently, which has prompted a wave of altcoin ETF applications from several potential issuers.

The Commission began acknowledging these applications, creating a series of deadlines to either approve or reject them. Today, the SEC punted on a tranche of applications, delaying proposals for Solana, XRP, and others.

In total, the SEC delayed approval for six different ETFs based on Solana, XRP, Litecoin, and Dogecoin. The acknowledged Solana ETF applications previously had a deadline set for today, and this extension gives the Commission a chance to consider the matter more fully.

By contrast, the XRP ETF, did not have an SEC deadline until several months from now. The Commission delayed applications from Canary and Grayscale but not Bitwise; this final proposal is the most recent of the three.

Bizarrely, the Commission acknowledged another application on its website today, an XRP ETF prospectus filed by Franklin Templeton.

In other words, the Commission’s rationale here is a bit difficult to understand. Even as the SEC delays several ETFs, it’s also acknowledging several fresh ones.

“Yes, the SEC just punted on a bunch of alt coin ETF filings including Litecoin, Solana, XRP & DOGE. It’s expected as this is standard procedure & Atkins hasn’t even been confirmed yet. This doesn’t change our (relatively high) odds of approval. Also note that the final deadlines aren’t until October for these,” wrote ETF analyst James Seyffart.

In addition to Franklin Templeton’s XRP ETF, it also recognized a Dogecoin ETF application and another based on Hedera.

There is one possible explanation for the SEC’s choice to delay ETF proposals. Approving fresh altcoin ETFs would significantly shake up the market, and it’s already in a moment of chaos.

The Commission is short a member until its new Chair gets confirmed by the Senate, and it may already be delaying other actions until this happens.

“Eth staking and in-kind also delayed. Everything delayed. It’s like the NYC-bound Amtrak on monday morning: Mechanical issues in DC,” wrote analyst Eric Balchunas.

One of the SEC’s Commissioners has dramatically broken with precedent to directly criticize its new pro-crypto turn, and the Commission has continued taking bold actions since.

If the SEC approves these altcoin ETFs immediately, it might invite further fractures of this nature.

Of course, the Commission hasn’t explicitly stated any of its intentions on this matter. The SEC took its time to consider ETF applications under Gary Gensler thoroughly, and the trend may simply be continuing.

One thing does seem clear, however. With this many postponements in one day, any new altcoin ETF approvals might take several more months to come.

Solana (SOL) has faced intense selling pressure, recently dropping below $120 – its lowest level since February 2024. It has declined more than 38% over the past 30 days, reinforcing its bearish momentum.

With sellers firmly in control, SOL now faces a critical test of support levels, while any potential recovery would need to break through key resistance zones to signal a shift in momentum.

Solana Ichimoku Cloud Shows a Strong Bearish Setup

Solana Ichimoku Cloud shows that the price is currently trading below both the blue Tenkan-sen (conversion line) and the red Kijun-sen (base line), indicating that the short-term trend remains bearish.

The price recently bounced from a local low but has not yet reclaimed these key resistance levels. Additionally, the Ichimoku cloud (Kumo) ahead is red, reflecting bearish sentiment in the market.

The cloud itself is positioned well above the current price, suggesting that even if SOL experiences a short-term recovery, it will likely face strong resistance near the $130 – $135 region.

The positioning of the Tenkan-sen below the Kijun-sen further supports the bearish outlook, as this crossover typically signals downward momentum.

For any signs of a trend reversal, SOL would need to break above both of these lines and ideally enter the cloud, which would indicate a potential transition to a neutral phase.

Until then, the bearish cloud ahead and the current weak price structure suggest that any rallies may be temporary before the broader downtrend resumes.

SOL DMI Shows Sellers Are Still In Control

Solana Directional Movement Index (DMI) chart reveals that its Average Directional Index (ADX) is currently at 33.96, a significant increase from 13.2 just two days ago.

The ADX measures trend strength, and a reading above 25 typically indicates a strong trend, while values below 20 suggest a weak or non-existent trend. Given this sharp rise, it confirms that SOL’s ongoing downtrend is gaining strength.

The +DI (positive directional index) has dropped to 11.71 from 15.5 two days ago but has slightly rebounded from 8.43 yesterday. In contrast, the -DI (negative directional index) sits at 32.2, up from 25.9 two days ago, though slightly down from 35 a few hours ago.

The relative positioning of the +DI and -DI lines suggests that sellers are still in control, as the -DI remains significantly higher than the +DI.

The recent dip in -DI from 35 to 32.2 could indicate some short-term relief, but with the ADX climbing quickly, it reinforces that the prevailing downtrend remains intact.

The slight bounce in +DI suggests minor buying pressure, but it’s not enough to shift momentum in favor of bulls. Until +DI rises above -DI or ADX starts declining, SOL’s bearish trend is likely to persist, with sellers dominating price action in the near term.

Will Solana Fall Below $110?

Solana Exponential Moving Average (EMA) lines continue to depict a bearish trend, with the short-term EMAs positioned below the long-term EMAs.

This alignment suggests that downward momentum remains dominant, even though the price is currently attempting a recovery. If this rebound gains strength, Solana’s price could face resistance at $130 and $135, key levels that must be cleared for any potential trend reversal.

A successful break above these resistances could push SOL toward $152.9, a significant level that, if breached with strong buying pressure, might pave the way for a rally toward $179.85 – the price level last seen on March 2, when SOL was added to the US crypto strategic reserve.

However, if the bearish structure remains intact and selling pressure resumes, Solana could retest the $115 and $112 support levels, both of which have previously acted as key price floors.

A failure to hold these supports could open the door for a deeper decline, possibly pushing SOL below $110 for the first time since February 2024.

Given the EMAs’ current positioning, the downtrend remains in control unless Solana reclaims key resistance levels and establishes a bullish crossover, signaling a shift in market sentiment.

Ethereum (ETH) is facing a sharp correction, dropping 11% over the past week as bearish momentum continues to dominate. The Relative Strength Index (RSI) remains weak, showing a lack of strong buying pressure, while the Directional Movement Index (DMI) confirms that sellers are still in control.

Additionally, the Exponential Moving Averages (EMA) are in a firmly bearish structure, suggesting that ETH could soon test critical support levels at $1,756 and potentially fall below $1,700 for the first time since October 2023.

ETH RSI Shows the Lack Of Buying Pressure

Ethereum Relative Strength Index (RSI) is currently at 34.4, recovering slightly after briefly dipping to 27.4 yesterday. The RSI has remained below the 50 mark for three consecutive days, signaling that bearish momentum is still dominant.

The RSI measures the speed and magnitude of recent price changes to assess whether an asset is overbought or oversold.

Typically, an RSI above 70 indicates overbought conditions, suggesting potential for a pullback, while an RSI below 30 signals oversold conditions, implying that selling pressure may be overextended and a bounce could be imminent.

With ETH’s RSI now at 34.4, it suggests that while the asset is still in bearish territory, the extreme selling pressure seen yesterday has eased slightly.

The brief dip below 30 signaled an oversold condition, which often leads to short-term relief rallies. However, for ETH to regain bullish momentum, the RSI would need to climb back above 50, indicating a shift in market sentiment.

Until then, any upward movement could face resistance, and the broader trend remains weak unless sustained buying pressure pushes ETH out of this bearish zone.

Ethereum DMI Shows The Current Downtrend Is Strong

Ethereum Directional Movement Index (DMI) chart shows that its Average Directional Index (ADX) is currently at 29.82, rising from 21.9 yesterday.

The ADX measures the strength of a trend, with values above 25 indicating a strong trend and readings below 20 suggesting a weak or nonexistent trend. Given the ADX’s sharp increase, it confirms that ETH’s ongoing downtrend is strengthening.

The +DI (positive directional index) has dropped to 15.4 from 23.1 in the past day, while the -DI (negative directional index) has surged to 37.8 from 27.3, reinforcing the dominance of sellers in the market.

With the -DI significantly above the +DI, it signals that bearish momentum is intensifying, and sellers continue to control ETH’s price action.

The decline in +DI suggests that buying pressure is weakening, making it more difficult for ETH to stage a recovery. Unless the +DI begins to rise and crosses above the -DI, ETH’s price is likely to remain under pressure.

Given that the ADX is nearing 30 and still climbing, the downtrend appears well-established, and any short-term relief rallies may face strong resistance before a meaningful trend reversal can occur.

Ethereum Is Still Struggling Below $2,000

Ethereum Exponential Moving Average (EMA) lines are displaying a strongly bearish setup, with short-term EMAs positioned below long-term ones.

This alignment confirms the continuation of downward momentum, with ETH having dropped over 11% in the last 24 hours. If the current trend persists, ETH could test the critical support at $1,756, a level that could determine whether further declines are imminent.

A breakdown below this support would expose Ethereum’s price to a potential drop below $1,700, a level not seen since October 2023, further reinforcing bearish sentiment in the market.

However, if ETH manages to reverse its downtrend, the first key resistance to reclaim would be at $1,996. A successful breakout above this level could trigger a stronger recovery, pushing ETH toward the next resistance at $2,320.

If bullish momentum accelerates, Ethereum could extend gains toward $2,546, a level that would mark a complete shift in trend structure.

For this to happen, ETH would need sustained buying pressure and a bullish EMA crossover, signaling a transition out of its current bearish phase.