Solana (SOL) has experienced a sudden and significant decline of around 10% in value, leaving many market participants perplexed. This downturn has raised questions about the sustainability of Solana's recent gains and its ability to recover from this setback. To understand the reasons behind this sharp decline, it's essential to examine the market dynamics and technical factors at play.

Solana's recent price action has been marked by a sharp drop from around $176 to $164, bringing it to test its crucial support level at $160. This level has previously acted as a strong support area, and its failure to hold could lead to further downside potential. The next significant support lies at $150, which coincides with the 200-day moving average. 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 currently resides.

Several factors could be contributing to Solana's decline. The mixed market sentiment following the Ethereum ETF approval has led to a dull reaction, with some assets benefiting while others like Solana suffer. Additionally, technical factors such as failing to maintain key resistance levels might have triggered stop-loss orders, accelerating the sell-off. The $160 support level is critical for Solana's recovery. If it 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.

Ethereum, on the other hand, has remained composed despite the expected price growth following the ETF approval. The reasons behind this could be attributed to the partial nature of the approval and the still-open doors for further regulatory issues. However, the precedent set by this approval could lead to larger instances of crypto adoption in the long term.

Cardano (ADA) has been approaching a major support level around $0.45, which has been tested several times and held up under pressure. This level could serve as a base for a potential upward move. The volume spike on this new movement strengthens the case for this to be an important level for the price. If ADA can hold onto this level, it might initiate an upward move, with immediate resistance located at $0.50. Once breached, the current fanatical rally could see a target at $0.55, exactly where the 200-day moving average lies.

In conclusion, Solana's sharp decline has raised concerns about its ability to recover and sustain its recent gains. The $160 support level is critical, and its failure to hold could lead to further downside potential. Ethereum's composed price action despite the ETF approval could be attributed to regulatory uncertainties, but the precedent set could lead to larger instances of crypto adoption. Cardano's approach to a major support level could serve as a base for a potential upward move. As the market continues to evolve, it's essential to monitor these developments and adjust strategies accordingly.