🚨 Solana's Decline Amid Speculation – Can ETF Approval Be the Catalyst?

📉 Solana Faces Critical Support Test
- If Solana fails to hold its long-term trendline, it could decline to $130
- Lacks strong support on the weekly chart, making recovery difficult
- Holding the long-term trendline is crucial for price stability
🐶 Meme Coins Driving Solana’s Downtrend?
- Solana’s explosive growth was fueled by meme coin mania. However, recent manipulation scandals have shaken trust:
- Libra Token Rug Pull: Soared to $7B market cap, then collapsed 95% in 5 hours after insiders dumped $170M
- Melania Trump Meme Coin: On-chain data links it to the same manipulative forces
- Jupiter & Meteora DEX Manipulation: Accused of artificially inflating token prices before mass sell-offs
- Solana’s Reputation at Stake: Once the preferred meme coin hub, it now faces concerns over fair trading practices

📊 Can ETF Approval Be Solana’s Lifeline?
- Multiple asset managers have filed for Solana spot ETFs
- Approval probability is estimated at 84% in 2024
Institutional inflows could restore confidence & drive a rebound
- However, Ethereum’s spot ETF approval didn’t trigger massive inflows, suggesting pre-approval hype may have a stronger impact than post-approval demand

⚠️ SEC’s Securities Classification Concerns Remain
While an ETF approval could revive investor confidence, SEC scrutiny over Solana’s security status remains a major hurdle.

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