🚹 Solana Drops Below $178 – What’s Going On? đŸ’„

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

đŸ”» 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:

đŸ”č Support: $168.50 → $167.50 (break = $160 risk)

đŸ”č Resistance: $178.50 → $199.95 (Fib extension)

đŸ§Ÿ 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:

đŸ”ș 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 👀

$BTC

$SOL

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