Solana (SOL) had a tough week, falling for four straight days from a June 11 peak of $168. The cryptocurrency briefly tested the critical $140 support level on June 13 during a larger crypto market selloff. At the time of writing, Solana is on something of a rebound, trading at $19.62. It’s trading now at $146, up 0.39% in the past 24 hours.

Our sense is the recent sell-off is a product of both more active profit-taking activity but perhaps even more by an increasing sense of macroeconomic uncertainty. After a catastrophic touch of $144 during Friday’s market-wide bloodbath, Solana showed recovery from retesting the highly defensive $140 level. Throughout this six-week period, traders experienced more than $1 billion in crypto liquidations. Just in the past 24 hours dollar signs, over $131 million got liquidated.

Currently, Solana is navigating key technical levels. Its 50-day moving average is still lingering close to $160 and its 200-day moving average is in the $174 range. Here’s what these indicators tell us about Solana’s recent price action and where it might be going next.

Traders and analysts alike have been keeping a close eye on the $140 support mark. The breakdown under this mark might set off a major sell-off, possibly sending ICE’s price tumbling down to $100. Notably, it would be a significant 30% reduction from existing levels.

Even with market turbulence today, it is an encouraging sign to see optimism about the possible approval of Solana and staking ETFs. Expected to be some of the first that gain regulatory approval, these ETFs will open up a new channel for institutional investment into Solana.

Solana’s immediate strength to hold its ground above the $140 support line will be a key factor in the following days. Market participants are still very much on the defensive, paying extreme attention to technicals and overall market risk sentiment.