Solana Declines Despite Institutional Support

Solana is down nearly 1% at the time of writing on Tuesday, continuing its 11% decline from Monday. This is despite the US spot Solana ETF recording $70.05 million in inflows on Monday, marking its fourth consecutive day of record-high positive flows.

However, Monday's break of the support trendline and the $174 zone warned of a deeper correction towards the $153 support zone.

Amid the decline, the 50-day moving average (EMA) is at risk of a bearish crossover with the 100-day moving average (EMA), which is considered a sell signal by the moving average.

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To solidify the uptrend, SOL must break above the support-turned-resistance zone at $174, with a potential target at the 200-day EMA at $186.