Solana (SOL) has experienced a significant downturn, losing around 10% of its value in an unexpected manner. Despite being well-positioned for a rally following the preliminary approval of the Ethereum ETF, Solana now appears weaker than the rest of the market, raising concerns about its recovery prospects.

Analyzing the chart, Solana sharply declined from around $176 to $164, bringing it down to test its crucial support level at $160. This level has previously acted as a strong support area, and if it fails to hold, the next major support lies at $150, which corresponds with the 200-day moving average (orange line).

On the resistance side, Solana faces immediate resistance at $176, a level it struggled to maintain before the recent drop. Above this, the next key resistance is around $190, where the 50-day moving average (blue line) currently resides. Breaking through these levels is essential for any substantial recovery.

Several factors could be contributing to Solana's decline. The mixed market sentiment following the Ethereum ETF approval has benefited some assets while negatively impacting others like Solana. Additionally, technical factors such as failing to maintain key resistance levels may have triggered stop-loss orders, accelerating the sell-off. For traders and investors, the $160 support level is critical. If Solana can maintain this level, it may consolidate and attempt another upward move. However, if it breaks below $160, the next significant level to watch would be $150, indicating further downside potential and increased volatility.

Ethereum ETF Approval: Will the Price Effect Kick In?**

The anticipated price surge following Ethereum's ETF approval has not materialized as expected. Ethereum's inability to breach key resistance levels even after the ETF approval raises questions about future price growth. The type of approval — not the full-blown S-1 type — leaves room for further regulatory issues. Additionally, the Division of Trading and Markets granted this consent under delegated authority, which is subject to challenge over the next 10 days, adding to market uncertainty.

Despite this, the approval sets a precedent for future crypto adoption. While the immediate price effect has been underwhelming, the long-term implications of any acceptance of an Ethereum ETF are positive, potentially leading to larger instances of crypto adoption and market stability.

Cardano (ADA) Establishes New Support Level**

Unlike Solana, Cardano (ADA) has shown stability, establishing a new support level around $0.45. This level has been tested several times and has held up under downside pressure, indicating genuine interest at this price point. The volume spike on this movement strengthens the case for this being a significant support level. If ADA can hold onto this level, it might serve as a strong base for an upward move.

On the daily chart, ADA faces immediate resistance at $0.50, a level at which it has seen rejections in recent price actions. If breached, the current rally could target $0.55, where the 200-day moving average lies, potentially leading to further gains.

In summary, while Solana faces significant challenges and Ethereum's ETF approval effect remains uncertain, Cardano's newfound support level offers a potential base for future gains. The crypto market continues to be dynamic, with mixed reactions to regulatory developments and varying performance across different assets.