Solana Market Cap Sheds Over $20 Billion After ETF Approval Delay Announcement

# Solana ETF Approval Delay Triggers Investor Exodus Investors are pulling out of Solana following the U.S. Securities and Exchange Commission’s (SEC) decision to delay the approval of the Solana Exchange-Traded Fund (ETF). The SEC announcement has heightened uncertainty in the market, leading to a notable decline in Solana's price and investor confidence. As reported by BeInCrypto on October 12, Solana’s price on CoinMarketCap plummeted more than 10%, dipping as low as $113. Additionally, the spot market saw an outflow of $16.43 million (approximately 23.9 billion KRW) over the past 24 hours. The cumulative net outflow over the past week has surpassed $250 million (approximately 363.5 billion KRW). The recent downtrend in Solana’s price can be attributed to market concerns stemming from U.S. tariff policies, coupled with broader weakness in the digital asset (cryptocurrency) market. Technical indicators bolster this downward trend. Solana’s Moving Average Convergence Divergence (MACD) line has fallen below the signal line, indicating a higher level of selling pressure compared to buying pressure. This suggests the possibility of further short-term declines. The MACD is a tool used to analyze the price trend and volatility of an asset, measuring the balance between buying and selling pressures. Currently, Solana’s major support level is forming between $115 and $120. Experts forecast that without a recovery in buying pressure, Solana could drop to $110—a level not seen since August of last year. As of 3:43 PM KST on October 13, Solana is trading at $123.92 on CoinMarketCap. On the domestic exchange Bithumb, it is trading at 182,400 KRW, marking a 1.72% decrease from the previous day.