Solana Price Tests $147 as ETF Odds Hit 76%, Will SOL Rebound?

Key Insights:

• SOL ETF approval odds have jumped to 76%, but price still trades near $147 support zone.
• Analysts expect liquidity sweep toward $137 before bounce, marking key entry zone for longs.
• Grayscale, Fidelity, and others await SEC approval; formal acknowledgment adds ETF momentum.

Solana price continues to face short-term pressure despite a surge in investor optimism around ETF approval. Trading at $147 after a 3.73% daily drop, SOL price is now approaching a key support zone that traders and analysts are closely watching. As ETF approval odds climb to 76%, the price action appears to be forming a corrective structure that may test deeper liquidity zones before any bounce.

Solana Price Faces Downside Risk Toward $137

Solana price is currently in a corrective phase, forming a complex WXY pattern as outlined by Man of Bitcoin. According to his wave count, SOL price is in wave (C) of Y of wave ii. The Fibonacci extension of 100% puts the target closer to the price levels of $137 and coincides with a previous area of demand. That green area is the target of that long setup that the trader had, and it is a potential accumulation level.

This technical structure had been building upon the rejection experienced at the value of $170 where several bearish rejections were witnessed as resistance was confirmed. Solana price has since posted lower highs and remains beneath short-term moving averages, suggesting downside continuation is likely unless the structure is invalidated.

In line with this sentiment, Lennaert Snyder finds the price of $137 to be an important liquidity level, as well. The chart shows that area is historically reactive every single day in particular when macro volatility has spiked. While Solana price holds within the broader consolidation range, the expectation is for a sweep of the lower range before any breakout attempt toward $180 or beyond.

ETF Momentum Builds, But Solana Price Has Yet to React

Even though the technical charts are pointing towards a bearish short term outlook, there exists a macro story developing. ETF speculation around SOL continues to heat up. Polymarket data now suggests there is a 76% chance of Solana ETF approval by July 31. This represents a sharp rise of 63% yesterday alone.

Asset managers including Fidelity, 21Shares, Franklin Templeton, Bitwise, Canary Capital, and Grayscale have submitted ETF proposals. The U.S. Securities and Exchange Commission accepted the applications from Grayscale and Canary earlier this year, signaling they are under formal review. However, no final decisions have been announced.

ETF Store president Nate Geraci previously said Solana is among the most viable non-Bitcoin ETF candidates. Its fast transaction speed, uptime, and active user base support its candidacy as investor demand for altcoin ETFs rises.

Still, the Solana price has not responded to the ETF momentum. The 76% approval odds have not triggered a rally, likely due to investor caution. Without clear commentary from the SEC, price action remains detached from macro developments.

Accumulation Zone Could Fuel the Next Leg Higher

Snyder’s recent chart suggests a bounce may occur if Solana dips into the $137–$130 range. On-chain data shows this level has acted as a demand zone across multiple timeframes, triggering strong reversals since March.

This zone’s consistency gives long-term traders confidence. Many see the current decline as part of a broader accumulation phase rather than the start of a new downtrend. If ETF speculation continues and the $137 support holds, SOL could rally back toward $170.

The $137 level remains key. If breached, support at $130 could be the last line before SOL breaks its long-standing range structure. Until then, the corrective move appears contained, and ETF headlines may eventually align with upward price momentum.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.