Solana has experienced a 6.3% decline in the last 7 days. However, the recent application of Sol EFF by 3iQ gives hope.
Despite the application of a Solana ETF, negative market sentiment persisted.caused increased hype after 3iQ, a Canadian digital asset management company, applied for a SOL ETF. In Report, 3iQ reported on X,
QSOL application is a golden opportunity for traders and enthusiasts, as it will provide opportunities to enjoy profits from SOL staking. However, various crypto analysts have expressed their positivity with the development. For instance, Ash Crypto shared his analysis on X, stating that,Source: TradingView
The continued selling pressure showed that SOL was plummeting towards oversold territory at press time.Per the Bollinger Bands, the next critical support for SOL was around 120. This showed potential for a further decline if it fails to hold the current support level.AMBCrypto’s analysis via Santiment showed a constant decline in Open Interest from $728 M to $636M. The continued decline in Open Interest shows reduced appetite and interest for the altcoins.
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