A rollercoaster year for Solana has the coin down 25% ytd after the recent drop.
SOLUSD – Daily Chart
SOLUSD trades above $130 after losing its year-to-date gains this month. Support is needed here to avoid a retest of $100.
Solana was boosted in 2025 after U.S. President Trump ran on a pro-crypto platform. Traders expected him to follow up on his plans for large-scale government purchases, but it has been flat so far. The official Trump token was also released on the Solana network at another crypto excitement peak, but new developments have faded.
The coin was also boosted recently by news that billionaire Ken Griffin, owner of Citadel, invested in a pro-Solana company. However, the crypto market has lost around $1 trillion in market cap during the selling that started in October.
Another heavy day of withdrawals left the average ETF investor in a losing position as Bitcoin’s price slumped below $90,000.
“Even with the average ETF cost basis above spot, most ETF holders are long-term allocators, so being underwater doesn’t trigger quick exits,” Vincent Liu, chief investment officer at Kronos Research, told Cointelegraph.
It has been a bruising time for crypto bulls after leveraged long positions were eliminated in an October flash crash. The latest extended selling has also dampened the appetite for crypto. We may see this develop as interest in gold prices grows. Gold lost 4.7% from its peak last week but is holding onto its gains as crypto suffers.
