On March 10th, the crypto market witnessed another wave of selling pressure following the notable downtick in U.S. stocks. As a result, Bitcoin plunged below $80,000, while the Ethereum price slipped below $2,000 floor. While the broader market hints at prolonged correction ahead, Solana holds an opportunity to rebound as VanEck’s registration for SOL ETF could renew buying pressure.
Key Highlights:
- VanEck registered a Solana (SOL) ETF in Delaware during Monday’s market, signaling institutional interest.
- The Solana price correction is about to trigger a first bearish crossover between the 100-and-200-day Exponential Moving Average in the past 500 days, reinforcing the downward momentum.
- The SOL price breakdown below $120 support could accelerate the bearish momentum to lead to another 33% drop.
VanEck’s SOL ETF Filing Sparks Optimism
On March 10th, the asset management giant VanEck officially registered a Solana (SOL) ETF in Delaware. The move signals growing institutional interest in Solana as a legitimate investment vehicle alongside Bitcoin and Ethereum.
The registration suggests that VanEck is preparing for regulatory approval to offer a Solana-based exchange-traded fund (ETF), potentially opening doors for broader adoption of SOL among traditional investors.
This comes on the heels of increasing speculation about a spot in Solana ETF, especially after the U.S. president showed his support for crypto adoption and easing regulatory obstacles.
Solana Faces Key Support Test as Price Falls Below $120
Over the past week, the Solana price has recorded a notable $179.5 to the current trading value of $118.6, accounting for a 34% loss. This downfall currently teases a breakdown below the multi-month support of $120.
Historically, the support has acted as a major accumulation zone for investors, and, therefore, a breakdown would strengthen the seller’s grip. Amid the market correction, VanEck’s registration for SOL ETF failed to trigger a notable reversal as Solana witnessed a 7% intraday loss.
With sustained selling pressure, the coin price is poised for another 33% to test major support at $79.
On the contrary, if the coin manages to reject another lower and reclaim the $120, the buyers could counterattack to restore bullish momentum.
