Solana's SOL token was trading near $70.40 early Sunday, a day after an overnight slide to $67.55 marked its weakest level since late June, as a week-long exodus from U.S. spot Solana exchange-traded funds and a wave of forced futures closures combined to knock the token well below its August floor.
The move caps a brutal stretch for the fifth-largest cryptocurrency. SOL has shed roughly 20.4% over seven days and nearly 33% over 30 days, leaving it about 76% below the record $293.31 it touched in January 2025. The weekend range alone spanned more than 11%, from a high of $76.12 to the overnight low, according to CoinGecko data. Bitcoin and Ether also fell over the same period, but less sharply, down 4.3% to about $64,380 and 5.9% to $1,791, respectively.
The immediate trigger was not a single headline but a confluence of pressures: seven consecutive trading days of net redemptions from the spot Solana funds, a liquidation cascade in the derivatives market, and a developer conference that opened in London without producing the kind of catalyst that could reverse the tide.
ETF Outflows Reach Seven Sessions, $58.3 Million
U.S. spot Solana ETFs, which hold the token directly and trade on American exchanges, have now posted net outflows for seven straight sessions totaling roughly $58.3 million, according to data compiled by Coinpaper. Preliminary figures for Friday, Nov. 13, the most recent trading day, showed about $3.1 million leaving, all of it from Fidelity's FSOL fund.
Set against the funds' roughly $1.14 billion in combined assets, the withdrawals amount to about 5% — hardly a mass exit in absolute terms. But the direction matters more than the size. Just weeks ago, asset managers were still adding fresh money to the products. That buyer has now vanished precisely when the market could use support.
The mechanics of how ETF redemptions feed spot selling are straightforward. When investors sell more fund shares than are being created, the share price slips below the value of the underlying SOL. Authorized participants then return shares to the fund, which shrinks and releases or sells tokens into the market. At $58.3 million over a week, the added supply is modest relative to several billion dollars in daily trading volume across exchanges. The larger effect is psychological: futures traders monitor flow data daily, and a sustained streak gives them reason to build short positions or unwind longs.
Monday's flow print is now the most closely watched number on the calendar. An eighth day of redemptions would signal that institutional investors do not view the slump as a buying opportunity. A return to inflows would be the first counter-signal since early November.
$69 Million in Liquidations, 97% Long
The futures market offered the more violent part of the story. Roughly $69 million worth of SOL positions were liquidated within 24 hours, with about $67.25 million — or 97% — tied to long positions, meaning bets on rising prices, according to CoinGlass figures analyzed by Coinpaper. Open interest, the value of all outstanding futures contracts, fell 11.4% to about $4.21 billion as traders closed positions or were forcibly removed.
Note: Price and flow data as of Sunday, Nov. 15, 2026. Liquidation and open-interest figures from CoinGlass; ETF flow data compiled by Coinpaper.
The funding rate on perpetual futures — a recurring payment between longs and shorts that flips negative when bearish positioning dominates — sat at about minus 0.0008% per eight hours on an open-interest-weighted basis Sunday morning. The reading is small in absolute terms but telling: the overleveraged buyers have largely been flushed out, and the traders who remain are leaning toward further declines. Historically that cuts both ways. A market stripped of excess leverage has less fuel for another forced-selling wave, but a growing short base can itself come under pressure in a sharp rebound if sellers must scramble to close.
Breakpoint Opens With Little Price Impact
Solana Breakpoint 2026, the network's flagship developer conference, runs Nov. 15-17 at Olympia London — the first time the event has been staged in Europe. The Solana Foundation has lined up speakers from finance and payments, including representatives of DTCC, Mastercard and Western Union, Revolut chairman Martin Gilbert and former British prime minister Boris Johnson.
The gathering has so far done little for the token. Major announcements are more likely in the coming days, but they will land in a market driven by outside forces: expectations of higher U.S. interest rates, outflows from Bitcoin and Ether funds, and a fear index sitting in extreme-fear territory. In that environment, a product launch can briefly draw buyers but cannot by itself end a redemption streak.
The disconnect between network activity and token price has been a theme. Tokenized stock trading on Solana recently reached $657 million in a single day, and DTCC is planning to integrate Solana for regulated securities in 2027. Corporate treasuries are also exposed: Forward Industries has disclosed holdings of 8.73 million SOL, making the decline relevant to its balance-sheet valuation and financing plans.
The Levels That Matter
The first line of defense on the downside is the overnight low at $67.55, which aligns almost exactly with the closing prices of June 25 and 26 at $67.95 and $67.63. Buyers stepped in at that zone in June and drove the token to about $109 by late August, and traders tend to watch prior turning points closely.
Below that, the year's low from June 7 at $62.18 stands largely unprotected, with little intermediate support. A break of $67.55 could therefore open an 8% slide to the June low without a major hurdle. Should that give way, Solana would trade at its lowest since the first quarter of 2024.
On the upside, the path is well marked. The intraday high of $76.12 comes first, followed by Saturday's close at $78.26. Only above that level would the overnight slump be fully erased. The $82.16 recovery level identified in earlier analysis sits about 17% above the current price and remains a distant target for the week.
Technical gauges underscore how far the token has drifted from trend. The 20-day average sits at $90.23, the 50-day at $102.83 and the 200-day at $88.84, putting SOL roughly 21% below its long-term trend line.
Two Paths Into Month-End
In a stabilization scenario, the ETFs would report inflows or at least no further outflows starting Monday, the funding rate would hold near neutral and SOL would defend the $67.55 zone on a daily closing basis. A rebound to $76-$78, back to where the slump began, would then be realistic.
In a further sell-off scenario, an eighth and ninth day of redemptions combined with Bitcoin slipping below $62,000 would put the $67 area under renewed pressure. A break there would bring the June low of $62.18 into view, along with a fresh round of liquidations among traders who bought the dip.
For now, the evidence leans toward at least a test of the $67 zone: the seven-day outflow streak, a price 21% below its 200-day line and a negative funding rate all point the same way. Against that, with $67.25 million in longs already liquidated, much of the leverage has left the market — and floors often form in the wake of such waves.
For European retail traders, the liquidation wave mostly affects users of international derivatives venues. Leverage on crypto contracts for difference from regulated brokers has been capped at two times since the European Securities and Markets Authority's product intervention, meaning a 2x position would only be stopped out after a roughly 50% decline rather than a 10% one. Full MiCA licensing obligations now apply to any firm brokering crypto assets to EU clients.
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