- A major SOL whale moved $11.4M into JitoSOL, signaling a shift toward passive income over price speculation.
- The SEC delayed its decision on a spot Solana ETF, dampening institutional confidence for now.
- Technical indicators suggest bearish momentum, with downside targets around $125 or even $98 if pressure builds.
Things are looking a little shaky for Solana (SOL) right now. What started as a pretty bullish year has hit a few speed bumps—big ones. Whale behavior’s shifting, the ETF path in the U.S. just got murkier, and technically, SOL’s chart is starting to look a bit tired. It’s not panic time just yet, but short-term sentiment? Definitely on edge.
Whales Dial It Back as JitoSOL Enters the Scene
According to a recent post from Onchain Lens, a whale just swapped out 77,160 SOL—worth around $11.4 million—for a bunch of JitoSOL, one of those yield-earning staking tokens. That’s not the same as selling and running—but it’s also not exactly a “full steam ahead” signal either.
Moves like this usually show up when big players think prices might stall for a bit. So they shift into passive income plays rather than risk more downside. It’s a cautious approach… and it’s not just this one wallet either. There’s been more of this across the board lately.
SEC Tosses a Wrench Into ETF Momentum
Adding to the murk, the U.S. SEC just kicked the can down the road on Franklin Templeton’s spot Solana ETF, pushing the decision all the way to November 2025. While delays like this aren’t rare, they do cast a shadow over the whole “institutional adoption” narrative.
Sure, Canada approved a SOL ETF back in May, and VanEck’s version (VSOL) is showing up on DTCC’s radar—but U.S. approval? Still stuck in limbo. The SEC says it’s just opening the floor for comments… but honestly, it feels like the same old stalling tactic.
Chart Check: Bearish Vibes Building
Now let’s talk charts. The RSI’s sitting just under 44, which is below the neutral 50 line—so buying pressure’s definitely weakening. And the MACD? Not looking great. The MACD line is well below the signal line, and the histogram is still printing red. There’s a bearish crossover in play, no doubt about it.
Price-wise, SOL’s already slipped under that key 0.786 Fib level around $147. It’s now hovering above the 1.0 line at $142. If the slide continues, $125 becomes the next likely stop. And if things really go south? There’s decent support sitting down around $98, but that’s only if the market takes a wider hit.
