The crypto market is showing mild selling pressure this Sunday, with over $131 million in liquidations in the past 24 hours, according to Coinglass. This follows a week-long sell-off driven by profit-taking and macroeconomic uncertainty. Solana (SOL) has mirrored this trend, sliding for four consecutive days from a June 11 high of $168 to test the key $140 support level on June 13.
That $140 support has proven significant — SOL rebounded from it during Friday’s market-wide plunge, which saw over $1 billion in crypto liquidations. Crypto analyst Ali emphasized the importance of this level in a recent post, warning that a break below $140 could lead to a steep decline toward $100, a potential 30% drop.
As of writing, SOL is attempting a modest recovery, up 0.39% in 24 hours at $146, after dipping to $144. If selling continues, $140 remains the critical level to watch. However, if bullish momentum builds, buyers could aim to reclaim the 50-day and 200-day moving averages, currently near $160 and $174, respectively.
Meanwhile, optimism is rising in the altcoin space over potential U.S. ETF approvals. Bloomberg ETF analyst Eric Balchunas shared expectations that the SEC may approve crypto-related ETFs — including those tracking altcoins like Solana — as early as next month. Fellow analyst James Seyffart noted that Solana and staking ETFs may be among the first to get the green light, suggesting a possible “altcoin ETF summer” ahead.
