Analyst Reveals Why The Solana Price Can Still Drop To $65

Solana price could be heading toward a major drop, according to crypto analyst Ali. In a recent analysis, Ali suggested that SOL might be retesting the breakout zone from a right-angled ascending broadening pattern.

Analysis Points to Downside Potential For Solana Price

Ali’s SOL analysis expects the price to drop to $65. This bearishness comes after a period of price weakness for Solana. SOL’s price fell by 1.2% in the last 24 hours, according to recent figures.

The prediction arrives at a time for the Solana network when Canada will launch Solana ETFs today after regulatory approval by the Ontario Securities Commission (OSC).

Ali’s technical analysis focuses on a right-angled broadening ascending pattern that has appeared on Solana’s price chart. SOL, according to the analyst, is re-testing the breakout pattern area, and this could be an indication of more downside action if the level fails to act as support.

This bearish outlook is shared by some other analysts in the crypto space. SatoshiOwl noted that Solana is not looking good and that it is breaking down from trendline on 1h. However, the analyst cautioned that confirmation was still needed from 1-hour and 4-hour candle closings. The analyst suggested that Solana might retest $120 first before possibly moving higher.

Not all analysts share this bearish view, however. Trader David identified what he described as bullish signs for SOL as this channel continues to move upward. He pointed out that after a 33% correction, Solana is now on a strong support level. He expressed hope that the token will reach new heights again.

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.

This regulatory clearance sets the stage for Solana ETFs to come to market. This may make the cryptocurrency available to a new generation of institutional investors who would rather have regulated investment products rather than direct exposure to cryptocurrency. The timing of this news is interesting, as it is happening during technical uncertainty in the price action of Solana.

Bloomberg ETF analyst Eric Balchunas provided some background on the upcoming launches. He clarified 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.

But the initial market reaction to this news has been muted, with the Solana price showing little positive momentum in response to the much-awaited launch of the ETF. CoinGape has also released an extensive Solana prediction for April 2025.