TLDR
- Solana price dropped to $174, falling below key moving averages after reaching $189, with sellers maintaining control of the market.
- Former President Trump’s announcement of 100% tariffs on Chinese imports triggered a crypto-wide selloff that overshadowed Solana’s fundamentals.
- Solana reported annual revenue of $2.85 billion, growing 30 times faster than Ethereum’s early stages, announced on October 30th.
- The token is testing critical support at its 200-day moving average of $179.78, with immediate resistance at $189.34.
- SEC approval of Solana ETFs from Bitwise, 21Shares, and Franklin Templeton has been delayed, though analysts maintain a 90-95% probability of eventual approval.
Solana price fell to $174 on November 3rd, down 0.9% in 24 hours. The decline came despite the network reporting strong revenue growth just days earlier.
The drop followed a broader cryptocurrency selloff. Former President Trump announced 100% tariffs on Chinese imports earlier this week. This macroeconomic news created what analysts call a liquidation cascade across risk assets.
SOL reached a high near $189 before sellers took control. The price dropped through multiple support levels at $185 and $180. A low formed at $176 before the token began consolidating losses.
Solana $SOL needs to reclaim $200 to confirm strength. Only then a rebound to $260 comes into play. pic.twitter.com/mbu8KdRM2p
— Ali (@ali_charts) November 3, 2025
The price action occurred just days after positive news for Solana. On October 30th, the network announced its annual revenue reached $2.85 billion. This represents growth 30 times faster than Ethereum experienced in its early stages.
However, the tariff announcement overshadowed these fundamentals. Traditional markets entered risk-off mode. Cryptocurrencies followed broader market weakness.
Technical Levels Show Key Support Test
Solana now trades below its short-term moving averages. The 7-day moving average sits at $188.26. The 20-day moving average stands at $189.34. Both levels now act as immediate resistance.
$SOL took out the trend line LiQ
We should see something like this now pic.twitter.com/rFpeGm81Qe— Blasto (@iBlasto_1) November 3, 2025
The 200-day moving average at $179.78 represents crucial support. SOL remains above this level, suggesting the longer-term uptrend stays intact. A break below could trigger deeper losses toward $174.06 or $168.79.
Technical indicators show mixed signals. The RSI reads 41.55, approaching oversold territory. The MACD shows slight bullish divergence at 0.2131. Stochastic indicators signal oversold conditions with readings below 25.
A bearish trend line formed with resistance at $192 on the hourly chart. This adds another barrier to upside moves.
Regulatory Delays Add to Pressure
The SEC has delayed approval of Solana ETFs from major asset managers. Bitwise, 21Shares, and Franklin Templeton all await decisions on their applications.
🚨 JUST IN: $SOL ETF BY @BitwiseInvest HAD MORE INFLOWS THAN ALL OTHER CRYPTO ETF’S COMBINED LAST WEEK, INCLUDING BTC/ETH ETF’S! $417,260,000 IN INFLOWS!
INSTITUTIONS ARE ACCUMULATING SOLANA#SOLANA ⚡️ pic.twitter.com/F6lcoDiTQZ
— curb.sol (@CryptoCurb) November 1, 2025
Analysts maintain a 90-95% probability of eventual approval. However, the delay removed a near-term positive catalyst. This timing hurt SOL’s ability to resist broader market pressure.
The current consolidation occurs with Solana trading within its Bollinger Bands. The position shows proximity to the lower band without a decisive breakdown.
Immediate resistance stands at $182 and the 50% Fibonacci retracement level. The next major resistance sits at $185. Breaking above $188 could set up a move toward $200.
On the downside, initial support appears near $175. The first major support level is $172. A break below $172 might push the price toward $165.
The daily average true range of $11.33 indicates continued elevated volatility. SOL is following Bitcoin’s weakness closely. Both assets struggle under macroeconomic pressure from tariff concerns.
The token performs in line with other Layer-1 tokens. This suggests sector-wide selling rather than Solana-specific issues.
Conservative traders are watching the $178 level as a key stop-loss point. A successful defense of $179.78 support combined with improved market sentiment could trigger a reversal toward $200.
