Solana is trading around $120 on Monday, extending a four-day winning streak, even as ETF inflows have nearly vanished. According to CoinGlass data, Solana-focused ETFs attracted just $2.43 million in net inflows last week, a dramatic 98.7% drop from the previous week's $188.22 million. Despite the sharp slowdown, the funds have now recorded 14 consecutive weeks of positive flows, meaning investors have not pulled money out—they have simply stopped adding at the same pace.
The distinction is important: demand slowed sharply, but the funds did not experience a net weekly withdrawal. This suggests that ETF buying offered much less support than during the preceding week. Whether this represents a temporary pause or a more persistent slowdown will depend on subsequent flows. ETF activity, however, captures only one channel of SOL investment and does not provide a complete measure of buying and selling across exchanges, decentralized markets, and other investment vehicles.
Network activity provides a counterweight
While ETF inflows have cooled, Solana's network continues to show signs of active usage. According to SolanaFloor, the network's decentralized exchange volume on Sunday exceeded the combined volume of Ethereum mainnet, Ethereum Layer-2 networks, and Hyperliquid. This comparison highlights strong activity during that session, although one day's performance does not establish a lasting lead.
The platform also cites more than $4.4 billion in tokenized-stock trading volume on Solana, pointing to growing activity around blockchain-based exposure to traditional equities. The supplied figures do not specify the measurement period for that total, so it should be distinguished from the Sunday DEX comparison rather than treated as a daily reading. Together, these reports support a picture of continued ecosystem participation, even as investment through ETFs moderates.
Technical outlook: Triangle pattern keeps breakout levels in focus
On the four-hour and daily charts, SOL remains above its 50-, 100-, and 200-period exponential moving averages, positioned around $119.24, $116.43, and $110.44. A rising support trendline near $119.16 and overhead resistance around $123 form a triangle, suggesting price is consolidating between nearby buying and selling levels. The pattern alone does not determine which direction the eventual breakout will take.
Daily momentum remains constructive. The Relative Strength Index is near 54, while the Moving Average Convergence Divergence indicator is mildly positive. Those readings favor a modest bullish bias rather than an especially strong momentum surge. The immediate upside hurdle is the resistance trendline around $123, followed by September's high at $124.95. A confirmed move above both levels would strengthen the case for extending the recovery, with the Fibonacci projection placing the next potential target at $132.87.
That target remains conditional on a successful breakout. A brief move above resistance followed by a reversal would provide weaker confirmation than sustained trading above the cluster. Initial support is concentrated between approximately $118.71 and $119.25, an area that combines a Fibonacci level, the rising trendline, and the 50-period EMA. Holding it would help preserve the short-term recovery structure. A decisive break below the cluster would bring the 100-period EMA near $116.43 into focus, with the 200-period EMA around $110.44 further below.
For now, SOL's technical bias remains mildly bullish, but its next move depends on whether buyers defend nearby support and generate enough demand to overcome resistance. The sharp drop in ETF inflows has not derailed the recovery, but it has removed a key source of momentum. Investors are watching whether network activity can compensate for the slowdown in fund flows.
This article is for informational purposes only and does not constitute financial advice.
