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Breaking News: XRP Projected To Reach $8 By 2026: Standard Chartered Identifies Two Major Catalysts
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Breaking News: XRP Projected To Reach $8 By 2026: Standard Chartered Identifies Two Major Catalysts

Solana Drops To $185 Support Amid SEC ETF Delay, But Analysts Eye Massive Breakout

Rubmar Garcia
Rubmar Garcia
Last Updated: August 16, 2025 7:00 am
3 mins read
XRP, avalanche, Solana, Monero, SUI, pump.fun, chainlink

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Amid the recent market pullback, Solana (SOL) is attempting to reclaim a crucial area to continue with its bullish rally. Some analysts have suggested that the cryptocurrency will likely break out to new highs if a key support level is held.

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Solana Back Below $200

Earlier this week, the market soared under the lead of the two largest cryptocurrencies. Bitcoin (BTC) hit a new all-time high (ATH) of $124,000, and Ethereum (ETH) hit a multi-year high of $4,788 in the early hours of Thursday.

Nonetheless, higher-than-expected macroeconomic signals and the US’s decision not to purchase BTC for its Strategic Reserve sent the market into a nosedive, with most tokens bleeding throughout the day.

Solana, which had just climbed to an eight-month high of $209, saw a 10% drop from the highs, retesting the recently reclaimed $190 support level. Price continues to dip after the US Securities and Exchange Commission (SEC) announced it had pushed back its decision on multiple Spot SOL exchange-traded funds (ETFs).

“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change, and the issues raised therein,” the regulatory agency stated.

The SEC delayed the final deadline for the decision on Bitwise, 21Shares, VanEck, Grayscale, and Canary Capital Solana ETFs for two months, pushing it to October 16, 2025. Despite the delay, ETF expert James Seyffart suggested that the SEC’s decision is not a bad sign, adding that he expects standard spot SOL ETFs to be approved by mid-October “at the latest.”

The altcoin dropped to the $188 area before bouncing. After the brief market recovery, SOL continued to retest the $180-$190 area, hovering between the $184-$186 support zone throughout Friday afternoon.

Last Dip Before New Highs?

Analyst Ali Martinez offered a positive outlook for the cryptocurrency, affirming that Solana might be offering “a final buy-the-dip chance” before a potential 100% rally from current levels.

Solana
SOL triangle pattern breakout targets $360. Source: Ali Martinez on X

The analyst pointed to a six-month ascending triangle pattern on the altcoin’s chart, which targets the $360 area once it breaks out of the formation. Notably, SOL has retested the pattern’s resistance twice since the July breakout, with its latest rejection occurring on Thursday.

Amid the recent performance, Martinez also noted that wallets holding over 10,000 SOL tokens hit a new ATH this week, with 5,224 wallets holding around $2 million worth of Solana each.

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4 months ago

Meanwhile, Sjuul from AltCryptoGems asserted that the cryptocurrency is “trading in a perfect uptrend, already tested the resistance at $200 three times,” highlighting SOL’s four-month ascending channel.

To the market watcher, Solana will likely break out and move to ATH levels soon if it holds above the $180 level, which has been a crucial support and resistance area for the altcoin this cycle.

As of this writing, SOL is trading at $184.9, a 4.7% decline in the daily timeframe.

Solana, sol, solusdt
Solana’s performance in the one-week chart. Source: SOLUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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