🚨 Solana Drops Below $178 – What’s Going On? 💥
ETF Delays, BTC Dominance & Technical Rejection Hit $SOL
Solana just dipped -0.93% in 24h, and here’s why it matters 👇
🧠 TLDR:
📉 Market-wide pullback: Total crypto market cap down -0.07%
⚖️ BTC dominance jumps to 62.83%, draining alt momentum
📊 $SOL rejected at $178.50 (23.6% Fib level)
🛑 ETF delays from the SEC added uncertainty
📉 Market Dynamics:
Fear & Greed Index ↓ from 68 to 65 (Greed)
BTC fell -0.9% to $107,940, dragging altcoins
ETH up +3.6%, pulling liquidity from $SOL
SOL’s volume dropped -4.33% to $3.65B
60-day rally of +38% → profit-taking pressure kicks in
📊 Technical Outlook:
❌ Rejected at $178.50 → strong resistance
🔻 MACD flips negative (-1.03 on May 29)
🟡 RSI at 55.1 → neutral but fading
📉 Failed to reclaim 10-day SMA ($173.82) = weak momentum
Key Levels:
🔹 Support: $168.50 → $167.50 (break = $160 risk)
🔹 Resistance: $178.50 → $199.95 (Fib extension)
🧾 ETF Delays:
SEC postponed decisions on altcoin ETFs
Solana-linked products hit by uncertainty
Short-term sentiment weakens despite long-term interest
⚡ What to Watch:
🔺 Break above $178.50 with strong volume = bullish trigger
📉 Drop below $167.50 = bearish pressure resumes
🧠 BTC dominance falling = signal for altcoin rotation 🚀
🧠 Pro Tip:
SOL is cooling off – not crashing.
ETF delays and profit-taking are short-term friction points.
Watch the $178.50 level like a hawk 👀