Solana is trading near $101, extending its October decline to more than 13% as persistent ETF withdrawals and weak technical momentum weigh on the cryptocurrency. The token slipped below $102 on Thursday, approaching the psychologically important $100 level after a rejection near its 50-day exponential moving average at $107.13.
Data from CoinGlass shows that Solana-focused exchange-traded funds have recorded eight consecutive days of net outflows, including $1.30 million on Wednesday. Last week, the funds saw $24.81 million in withdrawals. This sustained selling pressure through regulated investment vehicles removes a potential source of support as SOL tests key technical levels.
Despite the price decline, Solana's tokenized equity market continues to expand. According to Blockworks, tokenized equity supply on the network reached nearly $611 million on Tuesday, distributed across approximately 1.42 million holders. This growth highlights Solana's role as infrastructure for blockchain-based exposure to traditional assets, though it does not translate directly into buying demand for SOL.
Technical Picture Remains Bearish
Solana's daily chart shows a double-top reversal around $122 in early October, followed by a drop below the 50-day EMA. The Moving Average Convergence Divergence indicator sits below both its signal line and the zero line, confirming negative momentum. The Relative Strength Index is near 35, indicating sellers retain control while staying above the oversold threshold of 30.
The immediate focus is on the $100 psychological level, with more significant support at the 200-day EMA at $97.95. A decisive break below that could open the door to the May 17 high near $83.50 as a potential downside target. On the upside, the first major hurdle remains the 50-day EMA at $107.13, where the latest recovery attempt stalled. A sustained move above that level would ease near-term selling pressure and improve the prospect of a broader rebound, with the September 25 high at $122.94 as a more distant resistance.
ETF Outflows and Market Sentiment
The eight-day outflow streak underscores subdued demand for Solana through exchange-traded products. While ETF flows are only one part of the broader market, a return to consistent inflows would signal recovering investor interest. The contrast between expanding tokenized assets and falling token prices illustrates how network adoption and short-term market performance can diverge.
As Solana approaches the $100–$97.95 support zone, buyers face a critical test. The outcome will likely determine whether the current decline remains a correction within a broader uptrend or signals a deeper pullback. With momentum indicators still weak and ETF withdrawals continuing, the immediate outlook hinges on whether buyers can defend this area.
This article is for informational purposes only and does not constitute financial advice.
