**Solana Price Crashes to $158 Following Breakdown from Symmetrical Triangle Pattern**
Solana (SOL) has experienced a sharp price decline, dropping to $158 after breaking down from a critical symmetrical triangle pattern that traders had closely monitored. This breakdown marked a clear shift in market momentum following weeks of consolidation and typically signals the start of a strong directional move.
The price fell below a crucial support zone between $178 and $180, a level that combined horizontal support with the 0.382 Fibonacci retracement and the 21 exponential moving average (EMA). This breach led to the formation of a lower low at $158, confirming strong bearish momentum.
### Technical Indicators Signal Mixed Outlook
Technical analysis presents a mixed picture for Solana’s next move. The Bollinger Band Width Percentile spiked on the four-hour chart, indicating heightened volatility. However, the daily reading stands at 65%, suggesting room for further price movement as the market searches for direction.
### Bitwise’s BSOL ETF Launch Drives Market Attention
On October 28, Bitwise introduced its BSOL ETF, a staking-enabled investment product for Solana. The fund gained significant traction, accumulating $400 million in assets under management within its first week—a figure surpassing Rex-Osprey’s SSK ETF, which holds $370 million.
Despite this strong interest in the BSOL ETF, the fund launch did not prevent the steep price decline in SOL. Market participants remain watchful, anticipating whether continued fund inflows might offer the buying pressure necessary to reverse the downtrend.
### Solana Tests Critical Support Zone Between $155 and $165
Currently, Solana’s price is testing an important historical demand zone between $155 and $165. This area has previously attracted strong buying interest during corrective phases and is now under scrutiny as traders evaluate whether accumulation will occur.
The $155 level represents the next significant support. If this zone fails to hold, Solana’s price could extend losses toward the $130 to $140 range — levels that mark deeper retracements from recent rallies.
### Market Outlook and Potential Recovery Catalysts
Volatility indicators hint that the market may be approaching an exhaustion point, potentially setting the stage for a short-term relief bounce as momentum indicators reach extreme values. However, daily timeframe signals suggest there is still room for further movement.
A key factor in any potential recovery will be continued inflows into the BSOL ETF. If institutional interest and fund flows increase, these could provide critical buying pressure to stabilize or even lift Solana’s price.
For now, market structure and sentiment hinge on whether the current support levels near $155 hold firm, determining if Solana will rebound or face continued declines.
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*Stay tuned for further updates on Solana’s price action and market developments.*
https://coincentral.com/sol-price-plunges-to-158-as-bsol-etf-fails-to-spark-rally/