The broader crypto market is facing slight selling pressure in the early Sunday session with $131 million liquidated in the last 24 hours, according to Coinglass data. This comes after a major sell-off over the last week when investors cut profits and considered macroeconomic concerns.
Solana has mirrored the broader market sentiment, falling for four days at a stretch from a high of $168 on June 11 and testing the crucial $140 support on June 13.
The significance of the $140 support is seen as SOL price rebounded from it in Friday’s sell-off, which saw major altcoins take heavy hits and liquidations exceed $1 billion.
Ali, a crypto analyst, highlights the significance of the $140 level in a recent tweet. Ali wrote, “If Solana SOL loses $140 as support, it could open the door for a deeper pullback toward $100.”
At the time of writing, SOL was attempting to recover, up 0.39% in the last 24 hours to $146 after falling to a low of $144 earlier.
If selling pressure persists, eyes would be on the $140 support as highlighted by Ali, which Ali noted as a key level to defend to avoid a 30% drop to $100. However, if the current rebound gains momentum, bulls will again try to push SOL price above the daily moving averages of 50 and 200 at $160 and $174, respectively.
ETF optimism remains
According to analysts, the U.S. Securities and Exchange Commission might begin approving certain cryptocurrency-related exchange-traded funds as early as next month, starting off an “altcoin ETF summer.”
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Bloomberg senior ETF analyst Eric Balchunas shared on X a note from colleague analyst James Seyffart, stating that “ETFs that track broad crypto indexes may be approved by the SEC next month.”
The report also anticipates that the SEC may “act early” on Solana and staking ETF submissions, with Balchunas predicting to “get ready for a potential altcoin ETF summer with Solana likely leading the way.”