Solana Price Analysis – Can SOL Rebound to $183 as the SEC Acknowledges Franklin Templeton SOL ETF?

Highlights: 

• Solana’s price faces a prolonged downtrend within a descending channel, trading at $125. 
• The SEC has officially acknowledged Franklin Templeton’s filing for a Spot Solana ETF.
• With the recent developments, can Solana’s price rebound above the $183 mark?

The Solana price is battling the bearish sentiment, as the altcoin has plunged 0.18% to $125. The recent downtrend has seen SOL prices plummet 12% in a week and 35% in a month. Its daily trading volume has notably dwindled 31% to $2.47, indicating a fall in market activity. What next for Solana’s price?

On March 12, 2025, Franklin Templeton submitted its 19b-4 filing with the SEC, aiming to list and trade shares of the proposed Solana ETF on the Chicago Board Options Exchange (Cboe) BZX Exchange. With over $1.5 trillion in assets under management, this move makes Franklin Templeton the largest asset manager to pursue a Solana ETF. Moreover, the SEC has acknowledged the application. 

🚨BREAKING: The SEC has officially acknowledged Franklin Templeton's (@FTI_US) filing for a Spot @Solana ETF. pic.twitter.com/p18hr71SNc

— SolanaFloor (@SolanaFloor) March 14, 2025

Can these recent developments trigger a rebound in the Solana market? Let’s decrypt more in the technical analysis.

Can Solana Price Rebound Above Key Levels?

The SOL/USD daily chart shows the price is in a prolonged downtrend, consolidating within a well-defined descending channel. The market is currently priced at $125.88, showing a slight 0.18% plunge as the bearish sentiment bolsters. However, the price remains below the 50-day MA (181.14) and the 200-day MA (183.50), indicating that bearish pressure is still dominant. Further, the death cross in the market tilts the odds towards the bears, cementing the negative stance.

The current support level is $118.08, a psychological floor for buyers. If selling pressure continues, we could see a further decline towards this support level, leading to another round of bearish movement.

Looking at the daily chart, the Solana price is heading toward the south. However, for the market to reverse its bearish trajectory, bulls must push the price above the 50-day MA, which could signal the beginning of a short-term upward correction. The first significant resistance lies at $153, which aligns with the upper boundary of the descending channel.

A successful breakout above this level would invalidate the bearish setup and trigger a bullish recovery toward the resistance levels of $178 and $183. Otherwise, the price may continue consolidating within the channel before making a decisive move.

What’s Next for SOL?

On the upside, for Solana’s price to regain bullish momentum, it must break above the 50-day and 200-day MAs with a strong bullish candlestick. If this happens, the next significant resistance level is around $200, $218, and $243, which aligns with the channel’s upper boundary. 

A confirmed breakout above this level could shift the trend into a bullish phase, attracting more buyers. However, as long as the price remains below these key resistance zones, the overall structure remains bearish, and traders should remain cautious of further downside movements.

A closer look at the RSI shows upholds a bearish outlook, as it struggles below the 50-mean level. The RSI currently reads at 37.64, showing intense selling pressure. However, the bulls could ignite a buy-back strategy at this level, causing a rebound towards resistance levels. Meanwhile, considering the low trading volume, buyers must show increased strength for a sustainable reversal.