On Tuesday, the U.S. Securities and Exchange Commission (SEC) decided to delay its ruling on several applications for exchange-traded funds (ETFs) related to altcoins, including one tied to the Solana network's native token, SOL. This decision has intensified the negative sentiment among investors in the SOL ecosystem, as evidenced by the ongoing capital outflows from the spot market.

In filings submitted on March 11, the SEC revealed its intention to extend the review period for multiple ETF proposals linked to prominent assets, one of which pertains to SOL. The regulatory body stated that it required additional time to thoroughly assess the proposed rule modifications necessary for these ETFs to commence operations. This extension has amplified the bearish outlook surrounding SOL, particularly noticeable in the substantial capital withdrawals from its spot markets over the previous 24-hour period. As of the latest data, $16.43 million has been withdrawn from the market, marking the seventh consecutive day of outflows, which have cumulatively surpassed $250 million.

Such outflows typically signify that investors are liquidating their positions in SOL. This behavior suggests a lack of faith in the token's ability to recover quickly in the near term, prompting traders to secure their existing profits and minimize potential losses.

Technical indicators further corroborate this bearish perspective. On the daily chart, SOL's Moving Average Convergence Divergence (MACD) indicator currently shows the MACD line (blue) positioned beneath the signal line (orange).

The MACD is a tool used to gauge price trends and momentum shifts within an asset. It generates potential buy or sell signals when the MACD line crosses the signal line or exhibits changes in the histogram. When the MACD line is below the signal line, it signifies a bearish market trend. In the case of SOL, this suggests that selling pressure exceeds buying activity, pointing towards a potential further decline in value.

At the time of reporting, SOL is trading at $126.82. Reduced buying pressure could lead to a drop to $110, a level not seen since August 2024. Conversely, a robust increase in buying interest could counteract this downward trajectory. For such a reversal to occur, SOL must solidify a robust support level around $135.22. Achieving this would likely drive its price upward, potentially reaching $138.84 and beyond.

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