SEC Spooks the Party – Solana Slides
May ended with some serious crypto turbulence. The SEC dropped a cold bucket on the hype train around Ethereum and Solana ETFs, and boom – $SOL dropped 11.45%. Yup, a full-on dip. For 23 days, Solana was vibing between $155 and $185… until the ETF drama hit the fan.
On-Chain Heat Check: Users Still Showing Up
Despite the price slip, SOL’s ecosystem is actually getting more action. New wallet addresses keep climbing –
- March: 98.3M
- April: 111M
- May: 123.8M
That’s major growth and lowkey shows the SOL fam isn’t backing down. Adoption? Still climbing.
Funding Rates & Bearish Feels
Funding rate’s in the red at -0.0027%, which basically means: traders are less bullish and more cautious rn. Not a vibe.
Price Action Breakdown
- Down 1% in the last 24h
- Red candles for 3 straight days
- 7-day drop: 11%
- Monthly gain? Still +4.93% (So not all bad)
RSI’s sitting at 41.66 – aka almost oversold. Not ultra-bearish, but it’s not sunshine and rainbows either.
What’s Next?
If SOL can hold the line at $150 and the bulls show up, we might see a retest at $177. If hype builds, $200 could be back on the radar – a level we haven’t touched since Feb 2025. 🚀
But if things break bad and liquidations kick in, $127 (April low) is calling… and nobody wants that.
TL;DR for Your ADHD Mind:
Breakdown = bye-bye to $127
SEC is blocking ETF moves = SOL dipped hard
On-chain stats? Up only
Price is testing $150 support
RSI = weak hands selling
Bounce = $177 or even $200
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