Over the past 24 hours, Solana's price has fallen 5%, while SOL's price has dropped to $182 on a day when the cryptocurrency market fell nearly 3%.
Thanks to this drop, SOL's price rose 3% for the week and 29% for the month, and the altcoin has seen an impressive 630% growth over the past year.
Today's developments also come after the Securities and Exchange Commission amended its court complaint against #Binance , meaning that the presiding judge will no longer have to rule on whether #Solana and nine other tokens are securities. This is good news for Solana and could pave the way for a Solana-based #ETF if the SEC finally drops its position that SOL is a security.
The SOL chart, which fell the day before, looks like it will recover quickly.
The Relative Strength Index (purple) rose from 30 in the morning to just over 40 at the time of writing, indicating that momentum is returning.
The SOL price chart.
The 30-day average (which has been falling for the past 24 hours), meanwhile, seems to indicate that the coin needs to fall further before a concerted recovery can begin.
However, given that SOL's support level (green) has held up pretty well over the past week, it probably won't cause much of a loss.
And the aforementioned SEC news could point to a not-too-distant future in which SOL prices start to rise strongly. Some traders expect the SEC's move to be a precursor to the creation of a Solana-listed fund. It is still unclear when the SOL ETF will be launched, but the likelihood of it happening is steadily increasing every month.
First came the #BTC dotcom ETF in January, followed by the #BTC ETF this month, and several organizations have already applied to create similar funds in Solana.
Since January, that number has grown from $1.5 billion to $1.5 billion as Solana is increasingly used as a platform for memes and ''NFT-'' tokens.
This growth is likely to continue in the coming months, with the price of SOL reaching $ 200 in the coming weeks.
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