Solana experienced an unforeseen 10% decrease in its value, surprising many investors. Despite initial optimism following the Ethereum ETF approval, Solana now appears weaker compared to the broader market, raising doubts about its potential recovery.

Analyzing the price chart, Solana witnessed a sharp decline from $176 to $164, testing a crucial support level at $160, historically a strong area of support. Should this level falter, the next significant support is at $150, aligned with the 200-day moving average (orange line).

On the flip side, Solana encounters immediate resistance at $176, a level it struggled to sustain before the recent drop. Beyond this, the next key resistance lies around $190, where the 50-day moving average (blue line) is situated. Breaking through these resistance levels is essential for any substantial price rebound.

Various factors may have contributed to Solana's decline, including mixed market sentiment post-Ethereum ETF approval and technical factors like the failure to maintain critical resistance levels triggering sell-offs through stop-loss orders.

For traders and investors, monitoring the $160 support level is crucial. A successful hold at this level could lead to consolidation and a potential upward move. However, a breach below $160 could signal further downside risk, with $150 becoming the next significant level to watch for increased volatility.

Ethereum's Price Performance and Regulatory Uncertainty

Expectations of a price surge linked to Ethereum's ETF approval did not materialize as anticipated. Several factors, including the nature of the approval and potential regulatory challenges ahead, have hindered Ethereum's ability to break key resistance levels post-ETF approval.

The approval, not being a comprehensive S-1 type, leaves room for regulatory uncertainties, especially with the Division of Trading and Markets' delegated authority subject to potential challenges in the coming days. This uncertainty adds to the market's overall position, impacting Ethereum's price performance.

Despite the current setbacks, the approval of any form of Ethereum ETF sets a precedent in the crypto space, paving the way for broader adoption and potential future developments, hinting at long-term positive implications.

Cardano's Promising Support Level and Potential Reversal

Cardano, often overlooked for its lack of volatility, is showing signs of potential as it approaches a significant support level around $0.45. This level has been tested multiple times, demonstrating resilience against downward pressure and indicating growing interest at this price point.

The recent volume spike accompanying this support level suggests its importance for ADA's price trajectory. Maintaining this level could serve as a foundation for a potential upward movement, with $0.50 posing as the immediate resistance level on the daily chart.

Breaking past $0.50 could fuel a rally towards $0.55, aligning with the 200-day moving average, showcasing a potential target for Cardano's price action. Despite its subdued past performance, Cardano's current positioning hints at a possible reversal and upward momentum in the near future.