NEW YORK / LONDON (IT BOLTWISE) – Solana ETFs are seeing impressive inflows, underscoring institutional investor interest in the cryptocurrency. However, despite this positive development, the price of SOL has lost its annual upward trend and has fallen by over 16%. Experts are now wondering whether a further drop to $120 is imminent.
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Recent developments in the Solana market have sparked both optimism and concern. While the Solana ETFs are enjoying strong inflows, the price of SOL has lost its annual uptrend. On Monday, spot SOL ETFs recorded a daily inflow of $70 million, marking their strongest performance since their launch. Total inflows since debuting on October 28th are $269 million.
Data from Bitwise shows that the two Solana ETFs, Bitwise’s BSOL US Equity and Grayscale’s GSOL US Equity, attracted a combined $199.2 million in net inflows in their first week. Of particular note is Bitwise’s BSOL ETF, which had $401 million in assets under management as of October 31st. This represents over 9% of global SOL ETP AUM and 91% of global SOL ETP inflows in the past week.
Globally, weekly net inflows into Solana ETPs exceeded $400 million, marking the second highest weekly inflow in history. The Bitwise Solana Staking ETF (BSOL) was also the world’s best-performing crypto ETP, ranking 16th among all ETPs across asset classes. Currently, total Solana ETP AUM stands at $4.37 billion, with US-listed products accounting for the majority of new investments.
Despite these positive developments on the ETF side, the price of SOL has seen a significant decline this week. The price fell over 16% to hit $148.11 on Tuesday, its lowest level since July 9. This correction broke a 211-day uptrend that began on April 7, with the $95 level serving as a yearly low. Currently, Solana is testing a daily order block between $170 and $156, an area of limited support.
The current market situation raises the question of whether the price of SOL could fall further to $120, especially if the support at $155 is not held. Analysts are closely monitoring the situation as the index’s relative strength has reached its lowest level since March 2025. A short-term bounce could be possible if buyers defend this area, but failure could lead to a deeper correction.
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