Solana Price Slumps 15% While Grayscale Pushes For SolanaETF Approval

The Solana price has slumped 15% in the last 24 hours, to trade at $185, on a 165% surge in the daily trading volume, to $19.1 billion.

This comes even as Grayscale files to launch its Solana ETF (GSOL) with a 0.35% management fee as the U.S. SEC prepares its final approval decision today. Once approved, the ETF will list on NYSE Arca, though the process is delayed by the U.S. government shutdown. The fee will be paid in SOL, and Grayscale doesn’t plan to waive it. The filing also warns of risks linked to staking, saying validator losses could hurt the Solana network.

Grayscale recently added staking to its Solana Trust, letting investors earn rewards through regular brokerage accounts. If approved, GSOL would be one of the first spot Solana ETFs with staking. Key partners include Coinbase Custody and Anchorage Digital as custodians, with legal and tax support from Davis Polk & Wardwell, KPMG, and Marcum.

Meanwhile, Bitwise has cut its Solana ETF (BSOL) fee to 0.20%—the lowest so far—and waived it for the first three months or until reaching $1 billion in assets. Solana’s price has dropped 2% in the past day to about $222, though trading activity is rising as investors buy the dip.

Solana Falls Out of Bullish Channel, Tests $185 Support Zone

Solana’s price has dropped sharply after breaking below its bullish channel, showing a clear shift from an uptrend to a downtrend. For the past few weeks, SOL was moving steadily higher inside a rising channel, but sellers recently pushed the price below this range. The drop brought SOL down to around $185, a key support level that traders are now watching closely.

The chart also shows a “Sell Liquidity” zone just below support, meaning that many stop-loss orders were likely triggered there. This move often happens when large players clear out long positions before the market tries to recover. If Solana cannot bounce back above $200, the price could fall toward the next support area around $160–$170, which was last tested in early September.

SOLUSDT Analysis. Source: Tradingview

The RSI (Relative Strength Index) is sitting at 20.6, showing that SOL is oversold right now. This suggests that the coin might see a short-term bounce soon. However, the overall trend still looks weak, and buyers need to regain control quickly for the price to recover. If the RSI starts rising again and trading volume increases, that could signal a possible reversal.

In short, Solana’s break below the bullish channel has turned the short-term outlook bearish. The next few trading sessions will show if this move is just a temporary dip or the start of a deeper correction. Traders should watch the $185–$200 range for signs of a bounce or further drop. A strong close above $200 could restore confidence, while staying below it might lead to more downside toward $170.