Overview
- Solana extended its sell-off to $128 before stabilizing near the mid‑$130s, with $146 now acting as confirmed resistance and $120–$112 flagged as next key supports if $130 gives way.
- Fidelity submitted a Form 8‑A for a spot SOL ETF, a filing typically made immediately before trading begins, pointing to a potential near‑term listing.
- Liquidity data highlights heavy short positioning around $150 that is capping rebounds yet could trigger short‑covering if that level is reclaimed.
- On‑chain realized distribution shows little historical demand beneath $144, increasing the risk of a swift move lower if price cannot recover that area.
- Potential longer‑term supports include network upgrades in testing (Firedancer, Alpenglow) and Upexi’s $50 million buyback, though near‑term momentum remains weak.