Solana's SOL token was hovering near $95 on Thursday, extending a slump that has now run five straight weeks, after U.S. spot Solana exchange-traded funds bled a record amount of money in a single week.
According to SoSoValue, the spot SOL ETFs saw net withdrawals of $71.47 million last week, the largest weekly total since the products launched. Money left the funds on every trading day of that week, with Oct. 29 alone accounting for $27.7 million of the exodus. Total assets held by the ETFs have slipped to $1.4 billion, and cumulative net inflows have eased from $1.6 billion in early October to $1.5 billion.
The selling was not confined to the fund complex. Whale wallets moved roughly $111 million of SOL to Coinbase Institutional on Oct. 31, and CryptoQuant data pointed to heavier selling across both spot and futures markets. A separate read from Farside Investors showed $27.7 million leaving the funds on Oct. 29 and another $10.8 million on Oct. 30, a combined $38.5 million over two sessions, before net flows flattened out on Nov. 2 and Nov. 3.
Note: Figures reflect the most recent weekly reporting period cited by the data providers.
On the charts, the picture remains defensive. SOL is trading beneath its 50-day, 100-day and 200-day exponential moving averages, which sit at $103.81, $99.96 and $98.08 respectively. The Relative Strength Index is near 31, a level that typically flags oversold conditions, while the MACD remains negative. Oversold readings can persist for long stretches without a rebound, and traders have so far shown little appetite to step in.
Analyst Jesse Olson noted that three downside targets have already been hit and that no clear reversal signal has appeared. He has also pointed to the ETF outflows as a drag on sentiment.
Attention now centers on a handful of price levels. SOL recently broke below horizontal resistance around $97.76, with the 200-day and 100-day EMAs just overhead and a firmer ceiling at the 50-day EMA near $103.81. Beyond that, resistance sits near $122.76. To the downside, support is around $88.42, a zone that lines up with a previously broken trendline, and a deeper floor near $78.35 if selling accelerates.
October was a bruising month for the token, which lost 19.3% and touched a 30-day low of $92. It remains roughly 68% below its January 2025 peak of $293. The network's Alpenglow upgrade, which cut transaction finality to about 150 milliseconds, has not translated into price gains; SOL has fallen about 11% since the upgrade went live.
Broader market conditions are likely to decide the next move. Bitcoin has been trading below $76,000 at points during the recent selloff, and its direction remains a major influence on altcoins. A return of net inflows into the spot ETFs would be an early sign that institutional demand is recovering, but a durable rally would likely also require stronger buying in the spot market.
