Amidst the gentle Sunday morning, the crypto market, like a somnambulist, stumbled into a slight selling pressure, liquidating a modest $131 million over the last 24 hours, according to the ever-watchful Coinglass. This follows a week of dramatic sell-offs, where investors, with the precision of a seasoned tailor, cut their profits and pondered the macroeconomic tapestry.
Solana, ever the mimic, followed the market’s mood, descending for four consecutive days from a lofty $168 on June 11, to flirt with the critical $140 support on June 13. The $140 level, a veritable Rubicon, saw Solana rebound during Friday’s sell-off, a day when altcoins were mercilessly liquidated to the tune of over $1 billion.
A crypto analyst, known to the world as Ali, has taken to the digital stage to emphasize the gravity of the $140 support. In a recent tweet, Ali opined, “If Solana SOL loses $140 as support, it could open the door for a deeper pullback toward $100.” 📉
If #Solana $SOL loses $140 as support, it could open the door for a deeper pullback toward $100.
— Ali (@ali_charts) June 15, 2025
At the time of this whimsical narrative, SOL was attempting a modest recovery, up 0.39% in the last 24 hours to $146, after dipping to a low of $144. Should the selling pressure persist, the market’s gaze will remain fixed on the $140 support, a level Ali deems crucial to defend to stave off a 30% plunge to $100. However, if the current rebound gathers steam, the bulls will once again aim to propel SOL above the 50 and 200-day moving averages at $160 and $174, respectively. 📈
ETF Optimism Remains
Analysts, with the optimism of a springtime gardener, predict that the U.S. Securities and Exchange Commission (SEC) might begin approving certain cryptocurrency-related exchange-traded funds as early as next month, heralding an “altcoin ETF summer.” Bloomberg’s senior ETF analyst, Eric Balchunas, shared a note from colleague James Seyffart, suggesting 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, “get ready for a potential altcoin ETF summer with Solana likely leading the way.” 🌞
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2025-06-15 16:52