Solana News Today: SOL Slides to $208 Amid ETF Setbacks

Key TakeawaysSOL price dips 0.5% to $208, extending a 5.5% weekly loss, despite recent recovery attempts.SEC ETF filing withdrawal delays institutional adoption and dampens investor sentiment.Technical momentum weakens, with MACD bearish and price below key moving averages.SOL price weakens as ETF optimism fades and market caution sets inSolana fell 0.5% to $208.01 over the past 24 hours, extending a 5.5% weekly decline, as ETF setbacks, technical breakdowns, and broader macro caution weigh on sentiment. The dip contrasts with last week’s short-lived rally to $213, sparked by optimism around a potential spot Solana ETF.ETF Filing Withdrawal Sparks Regulatory UncertaintyOn September 30, the SEC withdrew 19b-4 filings for Solana ETFs. This regulatory move dashed expectations for near-term approval and postponed institutional access to SOL investment vehicles.Prior to the announcement, SOL was trading 24% below its 2025 high of $293, highlighting the market’s sensitivity to regulatory outcomes. While Bitcoin and Ethereum already benefit from established ETF products, Solana's ETF future remains uncertain. The next critical date is October 16, when the SEC is expected to make a final decision on remaining applications.Technical Structure Turns BearishFollowing its rebound from $190.85, SOL price failed to reclaim the 30-day SMA at $219.68 and remains under the 23.6% Fibonacci resistance at $238.56. The MACD histogram at -4.02 and 24h RSI of 44.98 point to bearish momentum without an oversold reversal.Data from CoinMarketCapA close below $204—the July swing low—could trigger algorithmic selling and deepen the correction. Bulls must reclaim the $215 level to invalidate the current downtrend and reestablish positive momentum.Mixed Signals from Macro and Market Liquidity TrendsWhile Bitcoin and Ethereum ETFs experienced $1.1 billion in outflows last week, Solana-based investment products attracted $291 million in inflows, according to Bitcoinist. This divergence suggests relative strength in SOL compared to major crypto assets, potentially hinting at an altcoin rotation.Still, the total crypto market turnover fell 25% week-over-week, signaling thinner liquidity and risk aversion across digital assets. The Crypto Fear & Greed Index remains at Neutral (43), while Bitcoin dominance continues to rise, further squeezing capital away from altcoins like SOL.Outlook: $200 Support in Focus Amid ETF UncertaintySolana's recent dip reflects a blend of regulatory delays, technical weakness, and profit-taking after a strong 39% gain over the past 90 days. Traders are closely watching the $200 support level, especially with macro risk from a potential U.S. government shutdown still looming. A reclaim of $215 could revive bullish momentum, but failure to hold $204–$200 may open the door for further downside.