The excitement around Solana (CRYPTO:SOL) ETF applications by VanEck and 21Shares initially boosted SOL's price by 10%.

However, the token couldn't sustain this hike and is currently range-bound between $132 and $143, experiencing a 7.46% drop in the last 24 hours due to market sell-offs.

The Relative Strength Index (RSI) indicates bearish momentum, suggesting further potential declines. GSR predicted that SOL might reach $1,192 in the long term if the ETF gets approved, considering potential Bitcoin (CRYPTO:BTC) inflows.

However, the Cumulative Volume Delta (CVD) shows more selling than buying, reinforcing the bearish outlook.

Galaxy Research highlighted that the U.S. SEC might not approve Solana ETFs due to the absence of a futures ETF and previous security labeling of the token.