Solana continued its downward trend on Thursday, approaching a critical $100 threshold. Persistent outflows from Solana-based exchange-traded funds (ETFs) and weak technical indicators weighed on sentiment, with SOL last trading at $101.82.
ETF redemptions put pressure on Solana price
Solana-focused ETFs recorded eight consecutive trading sessions of investor withdrawals. Data from CoinGlass shows these funds posted $1.3 million in net outflows on Wednesday, following a total of $24.81 million withdrawn the previous week.
This consistent trend of redemptions signals continued weak demand for exposure to Solana via regulated investment products. With SOL nearing the psychologically important $100 level, the absence of support from ETF inflows is adding to downside risk.
ETF flows only represent one segment of the broader Solana market. However, a shift back to inflows could signal renewed confidence in the asset, particularly among institutional and large-scale investors.
Tokenized equity growth highlights network adoption
Meanwhile, Solana’s network continues to see rapid growth in tokenized equities, even amid price declines. According to Blockworks, the supply of tokenized equities on Solana reached nearly $611 million on Tuesday, spread across around 1.42 million holders.
These figures underscore Solana’s growing role as a blockchain platform for tokenizing traditional financial assets. Nevertheless, expanding network activity has yet to provide immediate price support for SOL tokens themselves.
The disconnect between positive ecosystem developments and short-term market performance illustrates how technology adoption and token price action can move independently.
Mini dictionary: Tokenized equities, also known as digital representations of traditional stocks on a blockchain, allow users to own and transfer shares in a decentralized and programmable environment. This structure provides potential advantages in settlement speed and cross-border access, but adoption remains at a relatively early stage compared to conventional equity markets.
For Solana, the rise in tokenized equity usage signals broader recognition as a network for financial applications beyond digital assets alone.
| Metric | Value |
|---|---|
| SOL price (latest) | $101.82 |
| October price drop | 13% |
| ETF net outflow (Wednesday) | $1.3 million |
| ETF net outflow (previous week) | $24.81 million |
| Tokenized equity supply | $611 million |
| Unique tokenized equity holders | 1.42 million |
Technical analysis: Key levels and downside risks
Solana entered October with a double-top reversal near $122, which was followed by a drop below its 50-day Exponential Moving Average (EMA) at $107.13. This resistance level capped the most recent recovery attempt, keeping prices under pressure.
The Moving Average Convergence Divergence (MACD) remains below both its signal line and the zero line, indicating consistent negative momentum.
At the same time, the Relative Strength Index (RSI) is close to 35, showing that the market is trending bearish but not yet oversold. Should SOL dip beneath its 200-day EMA at $97.95, technical analysts view the May 17 high near $83.50 as the next notable support level.
Solana’s $100 mark is now the immediate psychological barrier, while $107.13 is the first technical resistance on any rebound. For a sustained recovery, buyers would need to push SOL above these benchmarks with increased momentum.
With ETF withdrawals persisting and technical signals remaining weak, market focus has shifted to whether buyers can defend the $100–$97.95 support zone amid ongoing selling pressure.
