SOL Reaches a 5-Month Low Despite Success of Solana Spot ETFs: Is $100 Next?

SOL Reaches a 5-Month Low Despite Success of Solana Spot ETFs: Is $100 Next?

Key Takeaways:

Spot Solana ETFs have seen inflows for 13 consecutive days.
SOL has broken its multi-year uptrend, falling below a crucial moving average.

Spot Solana exchange-traded funds (ETFs) continue to draw significant investor interest, marking their thirteenth consecutive day of inflows, highlighting the growing institutional demand for Solana's native asset. Recent data from SoSoValue shows that Solana ETFs attracted $1.49 million on Thursday, bringing the total cumulative inflows to $370 million and overall assets to more than $533 million. However, the Bitwise Solana ETF (BSOL) recorded the weakest inflow since its launch on October 28.

Solana ETFs inflows. Source: SoSoValue

The decline in SOL ETF inflows reflects bearish sentiment prevailing in the market, as spot Bitcoin ETFs experienced $866 million in daily net outflows on the same day, marking one of their worst performances since launch. In addition, spot Ether ETFs recorded outflows amounting to $259.2 million, decreasing their total inflows to $13.3 billion. On Wednesday and Thursday, these funds saw net withdrawals of $183.7 million and $107.1 million, respectively.

Related: SOL traders' hopes were dashed this season, falling short of reaching new all-time highs: What happened?

Despite the strong demand for Solana ETFs, SOL has struggled to maintain crucial price levels, with technical indicators suggesting a potential for further price corrections.

SOL Price Breaks Significant Support Levels

Reflecting the diminishing ETF inflows, SOL's price experienced a sharp bearish trend last week, plunging over 34% in just two weeks, settling at around $142 on Friday, marking the lowest price since June 23. This drop has breached a critical 100-week Simple Moving Average (SMA) and the multi-year uptrend that initiated in January 2023, with the current yearly low sitting at $95.

Currently, Solana is examining a daily order block around $140, a level that shows limited support based on information from Glassnode. Glassnode's UTXO Realized Price Distribution (URPD) — which reveals the average acquisition prices for SOL holders — indicates minimal buy clustering below $140. This implies that not many holders are positioned to defend the price at this level.

SOL: UTXO realized price distribution (URPD). Source: Glassnode

Should the price breach this critical level, it may decline further toward the 200-week SMA at $100, considered the last line of defense for SOL.

Solana one-day chart: Source: Cointelegraph/TradingView

Adding to the downside pressure, the relative strength index for Solana has dropped to its lowest level since April 2025. As noted by Cointelegraph, if SOL falls below the $150 mark, the SOL/USDT trading pair may continue to decline to $126, with solid support anticipated at the $100 level.