Solana (SOL) Hanging by a Thread at $140 - Could We See $100 Next?

Sunday's been pretty rough for crypto traders, with $131 million getting wiped out in liquidations over the past 24 hours, according to Coinglass. This latest bloodbath comes after a brutal week where everyone seemed to be cashing out and worrying about what's happening in the broader economy.

Solana's been getting hammered right along with everything else. It's been falling for four straight days now, dropping from a sweet $168 high on June 11 all the way down to test that make-or-break $140 level on June 13. What made Friday's sell-off so scary was that major altcoins took absolute beatings, and liquidations went crazy - we're talking over $1 billion gone.

SOL (Solana) Fights Back at Critical Support

Here's the thing about that $140 level - it's actually proven its worth. When everything was going to hell on Friday, SOL managed to bounce right off this support. That's a big deal because it shows there are still buyers willing to step in at these levels.

Crypto analyst Ali really nailed it in a recent tweet when he said: "If Solana SOL loses $140 as support, it could open the door for a deeper pullback toward $100." That's not just some random number - we're talking about a potential 30% face-plant if this support doesn't hold.

Right now, SOL's trying to claw its way back up. It's sitting at $146, up about 0.39% over the last 24 hours after hitting a low of $144 earlier. Not exactly a rocket ship recovery, but hey, at least it's not drilling deeper into the ground.

What Happens Next for Solana (SOL) Price?

If this little bounce actually has some legs, bulls are going to want to see SOL break back above some key levels. The 50-day moving average is hanging out around $160, and the 200-day is way up at $174. Getting above those would be a pretty good sign that maybe the worst is behind us.

But let's be real here - if sellers keep piling on and that $140 support cracks, things could get ugly fast. Ali's $100 target would be a serious gut punch, and you know what happens when prices start falling that hard - all those leveraged positions start getting liquidated, which just makes everything worse.

SOL (Solana) ETF Buzz Keeps Hope Alive

Even with all this price drama, there's actually some pretty exciting stuff happening behind the scenes that could be huge for Solana down the road. Word on the street is that the SEC might start giving the green light to crypto ETFs as early as next month. We could be looking at what some folks are calling an "altcoin ETF summer."

Bloomberg's Eric Balchunas dropped some interesting intel from his colleague James Seyffart, saying that "ETFs that track broad crypto indexes may be approved by the SEC next month." Even better, they're thinking the SEC might move fast on Solana and staking ETF applications. Balchunas is telling people to "get ready for a potential altcoin ETF summer with Solana likely leading the way."

That's the kind of news that could completely change the game for SOL. Sure, we might be sweating bullets over this $140 support right now, but if institutional money starts flowing through ETFs, these current price levels might look like a steal in a few months.