Solana’s price hovered around $120 on Monday after posting gains over four consecutive sessions, facing pressure from a sharp contraction in ETF demand. The cryptocurrency, which powers the Solana blockchain known for its high-speed decentralized applications and low transaction costs, has maintained a mildly bullish chart structure, staying above key moving averages even as investor flows slow.
ETF inflows see steep decline
Data from CoinGlass shows that Solana-centric exchange-traded funds attracted $2.43 million in net inflows last week, a dramatic fall from the $188.22 million seen the previous week. This represented a 98.7% decrease, signaling a significant pause in fresh allocations, even as the streak of positive weekly inflows extended to a 14th week.
The decline in new ETF investment does not reflect overall withdrawals, but marks a clear reduction in additional capital entering these funds. Investors are now watching for signs of whether this slowdown is temporary or signals a longer-term moderation in demand for Solana ETFs.
Despite the slowdown, fresh ETF investments managed to stay positive, though at sharply reduced levels compared to the previous week’s surge.
It is important to note that ETF activity reflects only one segment of investment in SOL. Other channels—including centralized and decentralized exchanges—play a significant role in overall trading volumes.
| Period | Solana ETF Inflows |
|---|---|
| Last week | $2.43 million |
| Previous week | $188.22 million |
Robust network activity supports price action
Despite weakening ETF demand, Solana’s network activity remains strong. According to data published by SolanaFloor, decentralized exchange volume on the Solana network on Sunday surpassed the combined trading volume of Ethereum mainnet, Ethereum Layer-2 solutions, and Hyperliquid. This comparison underscores notable engagement and traction among users.
SolanaFloor also reported over $4.4 billion in tokenized-stock trading volume on the Solana blockchain, reflecting the rapid growth of blockchain-based avenues for gaining exposure to traditional assets. However, the specific time frame for this figure was not disclosed, so it should not be misconstrued as indicative of daily activity. The one-day DEX volume lead was noteworthy, but not necessarily a lasting trend.
Mini dictionary: SolanaFloor, an analytics platform that tracks metrics related to the Solana blockchain, focusing on DeFi, NFT, and network statistics.
Together, decentralized trading and tokenized-equity volumes suggest ecosystem users remain active, cushioning the broader market impact of reduced ETF inflows.
Technical structure: Triangle pattern guides outlook
Chart analysis on the four-hour and daily intervals shows SOL trading above its 50-, 100-, and 200-period exponential moving averages, located near $119.24, $116.43, and $110.44 respectively. Current price action is contained within a symmetrical triangle pattern, marked by support at around $119.16 and resistance at $123.
Momentum indicators remain moderately constructive, with the Relative Strength Index (RSI) positioned near 54, and the Moving Average Convergence Divergence (MACD) indicator slightly positive. This setup supports a modestly bullish bias for the near term rather than signaling a robust rally.
Key resistance levels are identified at $123 and the September high of $124.95, while Fibonacci projections suggest a potential short-term target of $132.87 should a breakout occur.
If bulls succeed in lifting SOL above resistance and sustaining those gains, the technical outlook may strengthen. Conversely, immediate support in the $118.71 to $119.25 range coincides with the cluster of moving averages and trendline support. Should price fall below this area, bears may target the 100-period EMA at $116.43, followed by the 200-period EMA at $110.44.
While Solana retains a mildly bullish technical profile, its next significant move will hinge on whether buyers can maintain support and attract renewed demand above key breakout zones.
