Market
Spot Solana ETF Fails to Maintain Momentum

Crypto data platform Kaiko recently reported that the introduction of spot Solana exchange-traded funds (ETFs) did not significantly impact the market.
Despite initial enthusiasm and a brief price spike, Solana’s (SOL) market dynamics quickly returned to their prior state, reflecting skepticism and regulatory challenges.
Solana’s Brief Surge: Investor Hopes Fade Quickly Despite ETF News
On June 27, VanEck filed for the first spot Solana ETF with the US Securities and Exchange Commission (SEC). A similar filing from 21Shares followed on June 28.
These filings initially generated excitement, causing Solana’s price to spike by 6%. However, Kaiko reveals the impact was fleeting, and market dynamics soon returned to their previous state.
Read more: Crypto ETN vs. Crypto ETF: What Is the Difference?
“The filings provided a temporary boost to market sentiment, which had been dampened by fears of a broad selloff due to Mt. Gox repayments,” the report reads.
This temporary shift was reflected in Solana’s cumulative volume delta (CVD) data, which measures cryptocurrencies’ net buying and selling. According to Kaiko, Solana recorded a net positive CVD of $29 million over the past week, primarily driven by increased spot buying on Coinbase.

Furthermore, Kaiko’s analysis suggests that investor expectations for spot Solana ETF were not as high as for other cryptocurrencies like Ethereum (ETH). Solana, often called an ‘Ethereum killer,’ struggled to maintain its momentum.
A comparative analysis with Ethereum highlighted this discrepancy. After spot Ethereum ETF received partial approval on May 23, its price showed a more sustained upward trend than Solana.
Kaiko also noted that the effect of the Solana ETF news on the derivatives market was limited. While there was a brief spike in the volume-weighted funding ratio of the SOL token on June 27, it soon returned to neutral levels. Open interest remained virtually unchanged and was 20% lower than its early June levels, underscoring the lack of sustained bullish demand.
Solana Ecosystem Continues to Expand Amid Regulatory Doubts
One possible explanation for the muted market reaction could be skepticism regarding the approval odds of a spot Solana ETF. Unlike Bitcoin and Ethereum, Solana has less data accumulated in the derivatives market, making it challenging to convince regulators about its price stability and resistance to manipulation.
Kaiko cited these regulatory hurdles as a significant factor. Industry experts share Kaiko’s cautious outlook. ETF analyst James Seyffart from Bloomberg Intelligence noted that Solana’s status as a security could significantly hinder the approval process.
“Solana’s classification as a security presents a very rocky road for ETF approval,” Seyffart remarked.
Despite the challenges, there are positive developments within the Solana ecosystem. Data from the crypto exchange Bitget report shows that Solana’s decentralized finance (DeFi) ecosystem has experienced rapid growth, with its total value locked (TVL) rising from approximately $1.3 billion at the beginning of 2024 to about $4.5 billion at the end of June.
The Solana Foundation also continues to innovate. It recently expanded its ecosystem to include Solana mobile phones, SDKs, and the newly launched Solana Blinks.
“These products lay the foundation for Solana’s mass adoption, represent Solana’s adaptation to mobile internet development, and are key to the constant increase in active addresses on the chain,” Ryan Lee, Chief Analyst at Bitget Research, told BeInCrypto.
Read more: What Is Solana (SOL)?
Nonetheless, the Solana ecosystem’s continuous growth and innovation lay the groundwork for potential future success. Additionally, as regulatory conditions change, Solana’s prospects may improve.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Solana (SOL) Holds Steady After Decline—Breakout or More Downside?

Solana started a fresh decline below the $132 support zone. SOL price is now consolidating and might struggle to recover above the $126 resistance.
- SOL price started a recovery wave from the $122 support zone against the US Dollar.
- The price is now trading below $130 and the 100-hourly simple moving average.
- There is a key rising channel forming with support at $124 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if the bulls clear the $126 zone.
Solana Price Faces Resistance
Solana price started a fresh decline below the $135 and $132 levels, like Bitcoin and Ethereum. SOL even declined below the $125 support level before the bulls appeared.
A low was formed at $122.64 and the price recently started a consolidation phase. There was a minor increase above the $125 level. The price tested the 23.6% Fib retracement level of the downward move from the $140 swing high to the $122 low.
Solana is now trading below $126 and the 100-hourly simple moving average. There is also a key rising channel forming with support at $124 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance near the $126 level. The next major resistance is near the $128 level. The main resistance could be $132 or the 50% Fib retracement level of the downward move from the $140 swing high to the $122 low.
A successful close above the $132 resistance zone could set the pace for another steady increase. The next key resistance is $136. Any more gains might send the price toward the $142 level.
Another Decline in SOL?
If SOL fails to rise above the $128 resistance, it could start another decline. Initial support on the downside is near the $124 zone. The first major support is near the $122 level.
A break below the $122 level might send the price toward the $115 zone. If there is a close below the $115 support, the price could decline toward the $102 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bearish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $124 and $122.
Major Resistance Levels – $128 and $132.
Market
Ethereum Price Faces a Tough Test—Can It Clear the Hurdle?

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Ethereum price started another decline and traded below the $1,850 level. ETH is now consolidating and facing key hurdles near the $1,850 level.
- Ethereum struggled to continue higher above the $1,980 resistance level.
- The price is trading below $1,860 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $1,810 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $1,850 and $1,880 resistance levels to start a decent increase.
Ethereum Price Attempts Recovery
Ethereum price failed to continue higher above $2,050 and started another decline, like Bitcoin. ETH declined below the $1,880 and $1,850 support levels.
It tested the $1,765 zone. A low was formed at $1,767 and the price recently started a short-term recovery wave. The price climbed above the $1,800 resistance. There was a move above the 23.6% Fib retracement level of the downward move from the $2,033 swing high to the $1,767 low.
There was also a break above a connecting bearish trend line with resistance at $1,810 on the hourly chart of ETH/USD. Ethereum price is now trading below $1,860 and the 100-hourly Simple Moving Average.
On the upside, the price seems to be facing hurdles near the $1,850 level. The next key resistance is near the $1,860 level. The first major resistance is near the $1,900 level and the 50% Fib retracement level of the downward move from the $2,033 swing high to the $1,767 low.

A clear move above the $1,900 resistance might send the price toward the $2,000 resistance. An upside break above the $2,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,050 resistance zone or even $2,120 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $1,850 resistance, it could start another decline. Initial support on the downside is near the $1,800 level. The first major support sits near the $1,780 zone.
A clear move below the $1,780 support might push the price toward the $1,765 support. Any more losses might send the price toward the $1,710 support level in the near term. The next key support sits at $1,665.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $1,800
Major Resistance Level – $1,850
Market
Top 3 Made in USA Coins to Watch In April

Made in USA coins continue to try a rebound, with Solana (SOL), RENDER, and Jupiter (JUP) standing out as key names to watch in April. Despite recent price corrections, each of these tokens plays a major role in high-growth areas like DeFi, AI, and blockchain infrastructure.
Solana has seen its price dip, but ecosystem activity remains strong; RENDER is riding the wave of AI demand despite market turbulence; and Jupiter is showing solid usage metrics even as its token struggles. Here’s a closer look at the technical and fundamental setups for each of these standout U.S.-based projects.
Solana (SOL)
Solana has faced a notable price correction over the past week, with its value dropping nearly 13%. If this bearish momentum continues, the token could be on track to retest the critical support level at $120.
A breakdown below that could see SOL sliding further toward the $112 mark.

Despite the recent downturn, Solana remains one of the most relevant Made in USA coins and continues to show impressive usage metrics. PumpFun, for example, generated nearly $9 million in revenue over the past 24 hours, second only to Tether.
After a short period when BNB led the DEX volume race, Solana seems to be regaining traction—its decentralized exchange volume has surged by 128% in just seven days, reaching $18 billion and surpassing both Ethereum and BNB.
If this recovery in momentum persists, SOL could target a move toward the $131 resistance level. A successful breakout there could open the door to further gains toward $136 and potentially $147.
RENDER
RENDER, one of the most prominent U.S.-based cryptocurrencies with a focus on artificial intelligence, has seen its price decline nearly 11% over the past seven days.
This drop reflects the broader correction that has impacted many AI-related tokens in recent months.
However, new developments in the AI infrastructure space may provide a catalyst for a potential rebound, especially as the limitations of centralized systems become clear.

If bullish momentum returns to the AI sector, RENDER could look to challenge the resistance at $3.47, and a successful breakout might open the door for a rally toward $4.21.
However, if the current correction deepens, the token could fall to test the $3.14 support level. A breakdown there may trigger further losses, potentially dragging RENDER down to $2.83 or even $2.52—its lowest level in recent weeks.
Jupiter (JUP)
Despite Solana’s recent struggles, Jupiter—its leading DEX aggregator—is demonstrating impressive strength in terms of activity.
In the last 24 hours, Jupiter ranked as the fourth-highest protocol in crypto by fee generation, collecting nearly $2.5 million.
Only Tether, PumpFun, and Circle managed to outperform it, highlighting the platform’s growing relevance within the Solana ecosystem even during periods of broader market weakness.

However, JUP, Jupiter’s native token, hasn’t mirrored this positive momentum. Its price has dropped over 21% in the past week, being one of the worst performers among the biggest Made in USA coins. It has remained below the $0.65 mark for three consecutive weeks.
With JUP now hovering dangerously close to a key support at $0.44, a breakdown could see the token dip below $0.40 for the first time ever.
Still, if market sentiment shifts and momentum returns, JUP could begin climbing again—first testing resistance at $0.54, then potentially moving toward $0.598 and even $0.63 if bullish pressure intensifies.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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