Solana's price continues to decline, reaching $75.97 after a daily drop of 1.82%. Despite ongoing institutional interest, as evidenced by Morgan Stanley's amended SEC filings for a proposed Solana ETF with a 0.14% annual management fee and staking components, the asset remains under pressure.
The Solana Music platform is preparing to launch a blockchain-based music distribution platform, which could expand the network's real-world applications and developer activity. However, this has not yet had an impact on the market participation.
The technical analysis suggests that SOL/USD is trading below its key moving averages, indicating continued short-term and broader-term downward momentum. The Relative Strength Index (RSI) sits at 37.64, while the Commodity Channel Index (CCI) also indicates oversold conditions.