Solana ETFs Show Strength While SOL Price Faces Challenges: Is $120 the Next Target?

Solana ETFs show strength, but SOL price lost its yearly uptrend: Is $120 next?

Key Takeaways:

Spot Solana ETFs have made a strong entrance, attracting over $400 million in weekly inflows.
SOL has broken its 211-day uptrend and fallen below important moving averages.
If SOL fails to maintain the $155 level, its price could drop to between $120 and $100.

Strong Start for Spot Solana ETFs

On Monday, spot SOL ETFs achieved a daily inflow peak of $70 million, marking the highest since their launch. This brought the total inflows for spot ETFs to $269 million since they debuted on October 28.

Cryptocurrencies, Markets, Cryptocurrency Exchange, Price Analysis, Market Analysis, Altcoin Watch, Solana
Spot SOL ETF flow: Source: Farside.co.uk

According to data from Bitwise, two Solana ETFs—Bitwise's BSOL US Equity and Grayscale's GSOL US Equity—gained a total of $199.2 million in net inflows (excluding initial investments) during their first week. The BSOL ETF led the way, accumulating $401 million in assets under management (AUM) by October 31, representing over 9% of total global SOL ETP AUM and 91% of global SOL ETP inflows from that week. On the other hand, Grayscale's GSOL US Equity attracted only $2.18 million, making up about 1% of total ETP inflows.

Cryptocurrencies, Markets, Cryptocurrency Exchange, Price Analysis, Market Analysis, Altcoin Watch, Solana
Total SOL ETP net weekly flows: Source: Bitwise

Globally, weekly net inflows into Solana ETPs exceeded $400 million, representing the second-highest weekly inflow ever recorded. Bitwise’s Solana Staking ETF (BSOL) emerged as the best-performing crypto ETP globally, ranking 16th among all ETPs across various asset classes for the week. Currently, the total Solana ETP AUM is $4.37 billion, with products listed in the US contributing the majority of new investments. Bitwise estimates that a net inflow of $1 billion could correspond to a potential 34% increase in SOL's price, assuming a beta sensitivity of 1.5.

Related: Solana treasury Forward Industries authorizes $1B share repurchase

Price Decline Amid Record Inflows

Despite these impressive inflows, SOL's price experienced a sharp decline this week, dropping over 16% to $148.11 on Tuesday—its lowest point since July 9. This correction has broken a 211-day uptrend that commenced on April 7, with the yearly low sitting at the $95 mark.

At present, Solana is testing a daily order block between $170 and $156, an area that offers limited support. The downturn has pushed SOL's price below the 50-day, 100-day, and 200-day EMAs, which may indicate a bearish trend in the daily chart.

Cryptocurrencies, Markets, Cryptocurrency Exchange, Price Analysis, Market Analysis, Altcoin Watch, Solana
Solana one-day chart: Source: Cointelegraph/TradingView

Currently, with liquidity lows being tested around $155, SOL could potentially make a recovery if buyers can defend this area. This is especially relevant as the relative strength index (RSI) has reached its lowest point since March 2025.

However, if the price settles below $160 and fails to maintain $155, the next downside target could be in the range of $120 to $100, indicating a deeper correction unless a short-term rebound occurs soon.

Related: Hawkish Fed triggers $360M in crypto outflows as Solana ETFs buck trend