The post SOL Faces Pressure as Hong Kong Approves Spot ETF appeared on BitcoinEthereumNews.com.

Solana’s price consolidation near $184 hints at cautious accumulation before breakout Rising open interest above $8.5B signals institutional positioning ahead of volatility Hong Kong’s Solana ETF approval could enhance regional adoption and market confidence Solana’s price continues to trade under pressure, consolidating near the $184 mark as investors weigh renewed market volatility and an upcoming exchange-traded fund (ETF) listing in Hong Kong.  The short-term structure suggests ongoing consolidation after October’s correction, but technical data indicates potential accumulation beneath key resistance levels. While momentum remains cautious, institutional activity around Solana’s derivatives and spot markets continues to expand, hinting at possible shifts in investor sentiment. Short-Term Structure and Technical Outlook Solana trades below the 20-day exponential moving average (EMA) at $188 and the 50-day EMA at $191. This shows the near-term trend is slightly bearish, though the broader structure still supports recovery.  The asset failed to reclaim the $195–$197 zone, which aligns with the 38.2% Fibonacci retracement level from the decline between $237.7 and $169.8. The rejection at this level reinforced short-term selling pressure. SOL Price Dynamics (Source: TradingView) Immediate support lies between $184 and $185, a zone that must hold to preserve Solana’s bullish mid-term outlook. Losing this level could expose the $175 and $170 zones, which acted as strong bases during October’s correction.  On the upside, the $195 level remains the first key resistance, followed by $203 and $211. A sustained close above these zones could signal a fresh breakout toward $223 and $237. Open Interest and Derivatives Market Activity Consequently, Solana’s futures open interest has surged to $8.55 billion as of October 22, 2025. This marks one of the highest levels of speculative positioning this year. The increase highlights strong participation among institutional traders who appear to be positioning ahead of a potential market move.  Source: Coinglass While price…

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Filed under: News - @ October 22, 2025 2:27 pm