SOL News: Why is SOL Down Today? SOL Dips Below $230 Despite Broader Uptober Crypto Rally

Key TakeawaysSolana price drops 3.86% to $225.67 amid broader crypto pullbackTrading volume surges by 31.8%, signaling high selling pressureAnalysts watch $230 support; break could trigger drop to $214.84 Solana Price Falls as Traders Brace for ETF DecisionSolana price fell 3.86% in the past 24 hours to $225.67, underperforming other altcoins like Ethereum (+0.26%) and BNB (+6.52%) which rallied amid strong Uptober bullish sentiment. The move reflects increased selling pressure following a 8.7% weekly gain, with the SEC expected to weigh in on spot SOL ETFs by October 10. Technical Pullback Adds to Bearish MomentumBased on technical indicators, SOL is consolidating below resistance at $238.56 (23.6% Fibonacci level), while support at $230 is being tested. A decisive break below could trigger stops down to $214.84 (61.8% Fib level). Momentum is fading:24h RSI at 52.514 suggests more room to fall before becoming oversold.MACD histogram reads +3.04, indicating a slowdown in bullish momentum.Price closed just below the 7-day SMA ($226.77), a key short-term support.Outlook: Key Levels and Catalysts to WatchThe path forward depends heavily on the SEC’s ETF ruling, expected by October 10. A green light could revive bullish momentum, while a rejection might see SOL test $214.84.