SOL Slides to 5-Month Low Even Amid 13-Day ETF Gains
- SOL dropped to $142, hitting a 5-month low despite continued ETF inflows.
- 13-day Solana ETF inflows totaled $370 million, showing steady institutional interest.
- Technical indicators suggest weak support below $140, risking further price declines.
Solana — SOL, continued its downward slide this week, dropping to $142 on Friday despite strong interest from institutional investors in newly launched spot ETFs. The token reached its lowest level since June 23, losing 34% over just two weeks. Traders had hoped ETF inflows would provide some price stability, yet Solana struggled to hold ground. The market watched closely, as this decline raised concerns about support levels around current prices.
Spot ETFs Keep Flowing, Price Still Weak
Spot Solana ETFs recorded inflows for the thirteenth straight day on Thursday. The funds added $1.49 million, bringing total cumulative inflows to $370 million since the launch. Overall assets under management now exceed $533 million, showing steady institutional demand despite price weakness. The Bitwise Solana ETF was the only fund recording noticeable inflows on Thursday.
The day marked the weakest inflow performance since the products launched on October 28. Currently, four Solana ETFs trade in the market, while around ten more await regulatory approval. This growing ETF ecosystem keeps investor interest alive, even during a price decline. The broader crypto market added pressure on Solana.
Technical Weakness Hints at Deeper Drop
SOL recently broke below its 100-week moving average and fell through a multi-year uptrend line that had supported the token since January 2023. Analysts now consider $140 a critical test, as limited support exists below this level. The 200-week moving average near $100 could serve as the next major support, representing a potential 29% drop from current levels if selling pressure continues.
On-chain metrics from Glassnode suggest few holders bought near current prices, meaning minimal defensive support exists at $140. The relative strength index reached its lowest reading since April, signaling persistent selling momentum. Ali Martinez’s analysis shows heavy realized volume between $150 and $180, with final support near $144.54 before further decline.
A five-year trendline faces direct pressure, with stronger support in the $125–$135 range. A rebound from this zone could push prices toward $196 or even $249. However, a weekly close below $135 could expose Solana to a potential drop toward $93. Grayscale’s GSOL ETP continues to attract high trading volume despite losing roughly 30% in the past month.
The first week of Solana ETF trading brought nearly $200 million in inflows. The pace slowed in recent sessions but remained positive, with all four active funds avoiding net redemptions. Solana traded at $138.50 at press time after an 11% daily drop. Current levels represent a crucial test, as technical and on-chain indicators highlight weak support below $140.
