Solana (SOL) is currently trading at $175.19, having slipped 2.67% within the last 24 hours

Solana (SOL) is currently trading at $175.19, having slipped 2.67% within the last 24 hours, while daily trade volume declined 20.55% to $4.17 billion.

Solana (SOL) price slipped on Friday morning as the broader crypto market showed signs of weakness.

Solana price dropped 2.67% in the last 24 hours, trading at $175.19 by 08:15 ET (12:15 GMT). The token’s daily trade volume also went down by 20.55%.

However, despite the recent decline, SOL was still up by 16.23% over the last seven days, showcasing its strength against the market volatility.

Solana Shows Sideways Trend As MACD Shows Bearish Divergence

Crypto analyst gemxbt noted that SOL is showing a sideways trend, with price bouncing between $165 and $180.

Technically, SOL showed neutral RSI levels (40–60 range), which indicates an absence of strong buying or selling momentum. The MACD line crossed below the signal line, suggesting a possible bearish divergence.

The 5-day moving average dipped below the 10- and 20-day averages, both confirming weakened short-term sentiment. However, trading volume remained low, which may point more to investor indecision than to active selling pressure.

Solana ETF Approval Remains Pending As BPI Shows 82% Chance

Another event to watch out for this week was the SEC’s delaying its review for an approval or disapproval decision for Grayscale’s spot Solana ETF.

The ruling, originally set for this month, was pushed back to October 2025, according to a May 13 filing.

The regulator’s latest move follows its cautious approach to crypto-based ETFs, echoing other recent postponements. This includes approvals for Litecoin (LTC) and decisions pending for Polkadot (DOT) and XRP.

The upcoming ETF, planned for listing on the New York Stock Exchange, is part of Grayscale’s initiative to provide traditional market access for altcoin holdings.

There is investor optimism despite regulatory apprehension. According to BPI, Solana ETF approval by year’s end has an 82% chance, reflecting increased institutional demand for crypto exposure.

Solana Price Forecast Remains Bullish In 2025

Analysts report that SOL may exceed $294.33, its previous all-time high, by the end of 2025.

Analysts at indicate that Solana price could reach levels between $340.03 and $376.92 in 2025. This prediction depends on the broader market performance and successful ETF approvals.

Solana touched $289.36 at the start of January 2024 before retracing below $175.45, the major psychological support. This was the first sub-$180 level since the start of 2021 but was promptly followed by fresh buying interest, which served to boost long-term support trends.

With the channels for institutions widening and investor faith in crypto ETFs on the rise, SOL is poised for a strong bounce pending regulatory clarity.