Solana Holds $140 Support Amid Crypto Market Liquidation, Eyes ETF Momentum

The crypto market is showing mild selling pressure this Sunday, with over $131 million in liquidations in the past 24 hours, according to Coinglass. This follows a week-long sell-off driven by profit-taking and macroeconomic uncertainty. Solana (SOL) has mirrored this trend, sliding for four consecutive days from a June 11 high of $168 to test the key $140 support level on June 13.

That $140 support has proven significant—SOL rebounded from it during Friday’s market-wide plunge, which saw over $1 billion in crypto liquidations. Crypto analyst Ali emphasized the importance of this level in a recent post, warning that a break below $140 could lead to a steep decline toward $100, a potential 30% drop.

As of writing, SOL is attempting a modest recovery, up 0.39% in 24 hours at $146, after dipping to $144. If selling continues, $140 remains the critical level to watch. However, if bullish momentum builds, buyers could aim to reclaim the 50-day and 200-day moving averages, currently near $160 and $174, respectively.

Meanwhile, optimism is rising in the altcoin space over potential U.S. ETF approvals. Bloomberg ETF analyst Eric Balchunas shared expectations that the SEC may approve crypto-related ETFs—including those tracking altcoins like Solana—as early as next month. Fellow analyst James Seyffart noted that Solana and staking ETFs may be among the first to get the green light, suggesting a possible “altcoin ETF summer” ahead.