Solana SOL/USD is trading 5.72% lower Wednesday at $125.21, leading losses across major altcoins after a weeklong rally.

Solana SOL/USD is trading 5.72% lower Wednesday at $125.21, leading losses across major altcoins after a weeklong rally. The coin is up 18.94% over the past week and trimmed its monthly loss to just 2.18%.

Solana (CRYPTO: SOL) was trading lower on Wednesday, leading losses among major altcoins after a week of strong gains.

Solana slides 5.72% to $125.21

Solana's slide follows a broader downturn in digital assets, with BTC down just 2.2% in the last 24 hours compared to a 5.6% drop in SOL.

Solana is down only 2.18% in the past month, trimming its monthly loss. The coin is up 18.94% over the past week.

Solana, Cardano, and Avalanche lead market decline

Solana, Cardano (CRYPTO: ADA), and Avalanche (CRYPTO: AVAX) are among the altcoins lagging behind Bitcoin (CRYPTO: BTC) in the current drawdown.

The pullback can be attributed to profit-taking and rising global uncertainty, especially in Asia, where the Japanese yen has surged amid bond market volatility.

Solana is still up over 17% in the last week and trades above its 50-day moving average, a key level of technical support.

What Happened:

Canadian regulators have approved several Solana-based ETFs, according to Bloomberg ETF analyst Eric Balchunas.

The ETFs, set to begin trading this week with asset manager iShares applying for them, will track Solana and be available in Canada.

This marks the first time SOL-backed exchange-traded products will be offered in North America.

U.S. regulators are yet to greenlight any Solana ETFs, but asset managers including VanEck, Bitwise, and Grayscale have submitted applications.

According to Polymarket prediction markets, odds of a U.S. Solana ETF being approved by the 2025 year-end are currently at 82%.

Solana Policy Institute gathers momentum in D.C.

Meanwhile, the Solana Policy Institute in D.C. is preparing to announce a new round of funding, Decrypt reported.

The organization, headed by former Blockchain Association CEO Kristin Smith, is focused exclusively on the Solana ecosystem and aims to support institutional adoption of Solana-based products.

Its formation earlier this year is part of a broader push to build political infrastructure that could influence future crypto regulation.

Institutional buying and technical setup support bulls

Real estate financing firm Janover disclosed a $10 million Solana purchase this week, acquiring over 80,000 tokens as part of its treasury strategy focused on digital assets.

The move is the latest sign of growing interest in Solana from non-crypto-native firms.

Solana is consolidating in a tight range between $125 and $132, with immediate support holding at $125.25. The 50-hour moving average at $129.80 and Fibonacci levels near $127.40 are key zones to watch.

Solana is showing strength relative to other altcoins and could be positioned for a move higher if broader conditions stabilize. A breakout above the $132 level would put the $145 zone—recent swing highs—back in play.

Solana is supported by strong fundamentals, improving institutional adoption, and ETF momentum abroad.

If the $125 level continues to hold, and macro conditions improve, SOL could be poised for another leg higher.

Canadian ETF approvals, large institutional purchases, and bullish technical structures are in place, but traders are watching to see whether Solana can maintain its outperformance through continued volatility in the crypto market.

Solana Price Action: Solana is trading down 5.48% at $125.21 over the last 24 hours at press time.

Solana is down 2.18% over the past month, compared to a Bitcoin price down 1.8% over the same period.

Solana has seen a 18.94% rise over the past week.