Solana Faces Market Indecision Despite ETF Launch

The recent launch of the first Solana exchange-traded fund (ETF) by Bitwise was anticipated as a significant step for the ecosystem. However, the market’s reaction has been muted, with SOL’s price showing little upward momentum following the approval. The token is currently trading below the $190 mark, accompanied by a noticeable drop in trading volume.

From a technical standpoint, Solana is navigating a period of uncertainty. On the 4-hour chart, its price hovers around $184.79, just above the 200-day moving average near $179—a critical support level tested multiple times this year. A descending pattern from its September highs has formed, with the Relative Strength Index (RSI) at approximately 42, indicating neutral market conditions rather than an oversold state ripe for a reversal. If the $180 support fails to hold, the next significant target could be near the $165 consolidation zone from mid-summer.

More telling is the decline in trading activity. Despite the potential for increased institutional exposure through the ETF, Solana’s daily volume has fallen to $7.77 billion, a decrease of over 16% in a 24-hour period. This suggests a lack of conviction among traders and cooling short-term interest, signaling that the asset may continue to move sideways or test lower support levels without fresh capital inflows.

Digitap Gains Traction with Real-World Utility

In contrast to Solana’s flat market data, the Digitap ($TAP) project is demonstrating momentum driven by tangible use cases. Positioned as an “omni-bank,” Digitap offers a platform that integrates both cryptocurrency and fiat services into a single application that is already live and acquiring users.

The platform allows users to manage fiat and crypto deposits, withdrawals, and exchanges, as well as open offshore accounts for personal or business use. Its standout feature is a no-KYC crypto debit card, available in virtual and physical formats, enabling tap-to-pay transactions wherever Visa is accepted. This functionality is driving real-world adoption, reflected in a steady increase in payment volume throughout October.

The project’s token economics are reinforced by a buyback-and-burn mechanism. Digitap allocates 50% of its profits to buy back $TAP tokens from the market. Half of these tokens are permanently burned to reduce the total supply, while the other half is distributed to stakers as rewards.

The interest in Digitap is evident in its presale performance, which has raised over $1.2 million with more than 84 million tokens sold. The token is currently priced at $0.0268 and is scheduled to increase to $0.0297 in its next stage, with a target listing price of $0.14. Its functioning ecosystem and active user base distinguish it from many other projects in the presale phase.

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