Recently, the market performance of Solana (SOL) has shown signs of weakness, which can mainly be attributed to two key factors. Firstly, Grayscale's SOL ETF application has been postponed to October, raising concerns in the market about the possibility of further delays, leading some short-term investors to withdraw their funds. Secondly, the meme coins within the Solana ecosystem have failed to deliver significant returns for investors, and even a conflict has arisen between well-known projects PUMP and BONK within the ecosystem, further exacerbating the tension in on-chain funding.

However, this pullback may also present new investment opportunities. From the weekly chart, a clear support level has formed around $170. Historical data shows that whenever the price drops to this level, there is a rapid influx of buying, driving the price back up, indicating that the market has reached a consensus on this price level.

For spot traders, this price level is worth close attention. Given that the approval of the SOL ETF seems to be just a matter of time, there is still potential for a rebound in the future. From a long-term perspective, the target price of $250 remains valid.

It is worth noting that although there may be challenges in the short term, the fundamentals of Solana remain strong. Its efficient blockchain technology and continuously expanding ecosystem lay the foundation for long-term development. Investors should take into account market sentiment, technical analysis, and the long-term development prospects of the project when making decisions.

At the same time, we should also pay attention to the broader dynamics of the cryptocurrency market, including the upcoming tenth anniversary of Ethereum and the Federal Reserve's imminent interest rate decision, as these factors may have a significant impact on the entire cryptocurrency market, thereby affecting the performance of Solana.