In the case of Wednesday, June 18, Solana (SOL) had a rocky day of trading. It fell under $145 but soon shot back up as U.S. trading kicked off. The biggest downturn was a 9% drop, as illustrated with three red candles in a row. At one point during this drop, the price managed to dip as low as $143. This recent price movement comes in the wake of several major developments in the Solana ecosystem. This was accompanied by a wave of staking deposits, as well as VanEck Solana ETF listing on Depository Trust & Clearing Corporation (DTCC). These combined factors helped create both acute upward pricing pressure and the longer-term bullish sentiment.

The recent price volatility has further illustrated this battle between bearish pressure and the market’s optimistic fundamentals signals. Even after the mid-week drop, Solana showing such easy recovery back over $145 indicates strength below the surface. According to Ogilvie, SOL needs to retake the $153 level. After it sets this level as support, it can safely harden a bullish trend.

Technical Analysis and Market Indicators

Solana shows bearish trading across the daily chart as price action remains beneath the Bollinger Bands mid-line, now at $153. It’s worth noting that the cryptocurrency did lose the lower band at $141.76 in intraday trade, showing that the bearish momentum is still strong. This technical formation indicates that the sellers have recently dominated the price action with significant downside pressure.

Solana RSI is at 40.85 as of writing. This figure reinforces lackluster momentum, suggesting upside price potential for this asset before it enters oversold territory. Similarly, traders often use the RSI to identify potential buying or selling opportunities, and the current reading indicates traders should be cautious.

Solana is it’s current market capitalization of $77.85 billion. The cryptocurrency sported a 24-hour standard deviation of returns of 0.2%. Its trading volume of $4.16 billion indicates strong activity on sale shows strong participation in the market.

Staking Deposits Increase

Regardless of the price fluctuations, Solana staking deposits have experienced a significant rise. Solana staking deposits as of June 13 are at 392.4 million SOL. By June 18, this number had increased to 397.7 million SOL.

To secure the network, Solana stakeholders deposited more than 5.3 million SOL—which is worth around $730 million at today’s prices. This recent surge in staking activity is a positive indicator of the confidence building in the Solana network and its long-term prospects. The process of staking involves locking up your digital asset to help maintain the operations and security of a blockchain network. In exchange, stakers typically earn more tokens as a reward.

VanEck Lists Solana ETF

The inclusion of a Solana ETF by VanEck on the DTCC has added a renewed dose of market positivity. The importance of the DTCC in maintaining our financial infrastructure can’t be underestimated. Its listing comes as the latest positive sign that the ETF is moving closer to being freed up for trading.

As such, this advance is being viewed as an important leap towards widespread usage of Solana. ETFs provide a familiar, regulated, and highly accessible path for investors of all stripes to enter the world of cryptocurrencies. This appeal can attract both institutional and retail investors. Accessibility and regulatory oversight of ETFs give investors peace of mind. This increase in confidence may increase demand for the underlying asset.