SOL price crashed to $158, despite the buzz around Bitwise’s staking ETF, and is now testing the lower bound of the $155–$165 historical demand zone. Will it rebound or head lower?
Summary
- SOL broke down from a symmetrical triangle and lost key support at $178–$180, now testing the $155–$165 demand zone.
- Short-term volatility is high (4H BBWP spike), suggesting a possible relief bounce before the next move. However, daily BBWP at 65% indicates trend continuation potential.
- Bitwise’s BSOL ETF, with $400M AUM in its first week, remains a major catalyst for a potential upside reversal.
SOL price technical analysis
Solana (SOL) price has crashed to $158 after breaking down from a symmetrical triangle pattern — a typically neutral formation that often precedes sharp directional moves once market indecision resolves.
The breakdown from the triangle also marked the loss of a strong support confluence around $178–$180, where a horizontal level, the 0.382 Fib, and the 21 EMA converged. This breach confirmed strong bearish momentum, with SOL price forming a lower low at $158. Price action now tests the lower bound of the major $155–$165 historical demand zone, an area that has repeatedly attracted strong buying interest in the past.
The BBWP indicator, which measures volatility, has spiked toward extreme highs. This indicates that momentum remains strong, but as volatility peaks, the market may be approaching a short-term exhaustion point, where a temporary relief bounce or consolidation could occur before the next directional move.
However, BBWP on the daily is 65%, not yet in the extreme zone. This suggests that after volatility reset on the 4H timeframe, the market could resume the prevailing trend, potentially leading to another big move in the same direction.
The next key level to watch is $155, a major support area within the tested historical demand zone. If SOL price fails to bounce from $155-$165 zone, there’s risk of a deeper correction toward the next support near $130–$140.
SOL price crash comes amid heightened market attention following the launch of Bitwise’s BSOL, the staking-enabled Solana ETF that debuted on October 28. The ETF recorded $400 million in AUM after its first week, surpassing Rex-Osprey’s SSK at $370 million. Going forward, its inflows remain a key catalyst for a potential bounce and a trend reversal to the upside.
