Solana Slumps After CoinShares ETF Withdrawal as Digitap ($TAP) Presale Surges
Solana (SOL) weakened after CoinShares withdrew its SEC application for a Solana staking ETF on Nov. 28, accelerating a month-long pullback. Technicals deteriorated: price fell below $140, RSI around the low 40s, MACD turning negative, with immediate support near $130 and next at about $122. Market sentiment cooled, prompting rotation into high-yield altcoin opportunities. One notable beneficiary is Digitap (TAP), a fintech-focused token combining fiat and crypto wallets, Visa-branded debit cards and remittance features. Digitap’s Black Friday “96 Hours of Madness” presale drove strong demand — TAP rose from $0.0125 to roughly $0.033–0.034 in presale, the project confirmed an intended launch price near $0.14, and more than $2.24 million was raised. The presale used hourly discounts, token rewards, cashback and card-upgrade incentives to boost conversions and FOMO; organizers claim ~120k connected wallets and stage sell-through near completion. Digitap’s tokenomics allocate significant revenue to buyback-and-burn and staking rewards from a fixed 2 billion supply, a narrative pitched to support scarcity as adoption grows. Traders should note: this story ties a negative catalyst for SOL (ETF withdrawal) to capital flows into a speculative presale (TAP). Risks remain — SOL’s technical weakness and headline risk could sustain downside, while TAP’s gains reflect presale mechanics and marketing, not live-market liquidity or proven product traction. This is not investment advice.
Bearish
The net effect is bearish for SOL. CoinShares’ withdrawal of a Solana staking ETF application is a clear negative catalyst that increases regulatory and product-launch uncertainty for SOL. Technical indicators cited in the reports (price below $140, RSI in the low 40s, weakening MACD) indicate momentum loss and heightened probability of further downside to the stated support levels (~$130 then ~$122). Concurrently, capital rotation toward speculative high-yield opportunities such as the Digitap (TAP) presale diverts short-term liquidity away from SOL. While TAP’s presale performance shows strong demand, those gains are driven by promotional mechanics, discounts and FOMO rather than tradable market liquidity — meaning the SOL impact is driven primarily by sentiment and fund reallocation. In the short term, expect continued pressure on SOL price as traders de-risk or chase yield elsewhere. In the medium to long term, SOL’s trajectory will depend on whether the ETF withdrawal is an isolated administrative setback or indicative of broader regulatory hurdles; absent fresh positive catalysts, the bearish bias may persist. Conversely, TAP’s presale strength does not imply immediate long-term network or token value — risk of sharp reversals at listing is high.