Solana’s Price Plunge: Is $65 the New Black? 🤔💸

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Ah, Solana! The cryptocurrency that seems to have more ups and downs than a particularly indecisive kangaroo. According to our resident crypto oracle, Ali, it appears that the price of SOL might be preparing for a rather dramatic nosedive, possibly heading towards the mystical land of $65. Yes, you heard that right—$65, where dreams go to die and wallets go to weep.

Analysis Points to Downside Potential For Solana Price

Ali, in a moment of what can only be described as crystal ball gazing, has suggested that SOL is merely retesting the breakout zone from a right-angled ascending broadening pattern. Sounds fancy, doesn’t it? Almost like a dance move that no one wants to try at a wedding.

For all we know, #Solana $SOL might be retesting the breakout zone from a right-angled ascending broadening pattern, with the $65 target still in play.

— Ali (@ali_charts) April 16, 2025

This delightful prediction comes at a time when Canada is preparing to launch Solana ETFs, which is like throwing a party while the house is on fire. The Ontario Securities Commission (OSC) has given the green light, and now we wait with bated breath to see if this will save Solana or just add more fuel to the flames.

Ali’s technical analysis, which sounds suspiciously like a recipe for disaster, focuses on a right-angled broadening ascending pattern that has appeared on Solana’s price chart. If this level fails to act as support, we might just witness a price drop that could make even the most stoic investor shed a tear.

But wait! Not all is doom and gloom in the land of crypto. SatoshiOwl, another analyst with a penchant for the dramatic, has noted that Solana is breaking down from a trendline on the 1-hour chart. However, he’s also wise enough to suggest that we need confirmation from the 1-hour and 4-hour candle closings. Because, you know, why rush into a panic when you can wait for the candles to tell you what to do?

On the flip side, we have Trader David, who seems to be wearing rose-tinted glasses. He’s spotted what he calls bullish signs for SOL, claiming that after a 33% correction, Solana is now on a strong support level. One can only hope that this optimism isn’t just a mirage in the desert of despair.

Bullish signs for $SOL as this channel continues to move upward.

Hopefully we will see Solana on heights again. After 33% correction it is now on a strong support level.#Crypto #CryptoEducation

— David (@David_W_Watt) April 16, 2025

Canadian ETF Launch Could Provide Institutional Access

Despite the bearish technical outlook from some analysts, Solana is experiencing a potentially positive development on the institutional front. The Ontario Securities Commission (OSC) has approved multiple ETF issuers to list Solana-based products in Canada, including Purpose, Evolve, CI, and 3iQ. Yes, folks, it’s like giving a shiny new toy to a child who just lost their favorite one.

This regulatory clearance sets the stage for Solana ETFs to come to market, which may make the cryptocurrency available to a new generation of institutional investors who would rather have regulated investment products than direct exposure to cryptocurrency. Because who wouldn’t want to play with fire while wearing a fireproof suit?

Bloomberg ETF analyst Eric Balchunas has provided some background on the upcoming launches, clarifying that Canada is preparing spot Solana ETFs to launch this week after the regulator waved the green flag to multiple issuers. He added that the ETFs will also offer staking through TD, which sounds like a delightful way to earn interest while holding your breath.

But alas, the initial market reaction to this news has been as muted as a librarian at a rock concert, with the Solana price showing little positive momentum in response to the much-anticipated launch of the ETF. CoinGape has also released an extensive Solana prediction for April 2025, which we can only assume involves a crystal ball and a lot of wishful thinking.

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2025-04-16 22:07