Solana (SOL) experienced further downward pressure on Monday, trading around $86.20 after falling more than 3% in the last 24 hours. The cryptocurrency has now declined for five consecutive weeks, extending a sustained period of weakness that coincides with heavy outflows from institutional products and deteriorating market sentiment.
Institutional outflows intensify as Solana ETFs shed nearly $170 million
Institutional investors have continued to reduce their exposure to Solana, contributing to ongoing market pressure. Data from SoSoValue reports that Solana-focused exchange-traded funds (ETFs) recorded approximately $170 million in net outflows over the past five weeks. Last week alone, these funds saw withdrawals totaling $26.25 million, marking the fifth straight week of negative flows.
October was particularly challenging, with weekly outflows peaking at $71.47 million, the highest during this period. This trend highlights a clear withdrawal of institutional demand, as risk appetite remains limited amid wider uncertainty in the crypto markets.
A turnaround in ETF inflows would potentially signal renewed interest from larger investors, but continued outflows reinforce prevailing bearish sentiment. In addition to these withdrawals, Solana’s derivatives market has seen increasing caution among traders.
Solana-focused ETFs have registered nearly $170 million in outflows over the past five weeks, with institutional investors showing little appetite for fresh exposure amid heightened market uncertainty.
CoinGlass data shows Solana futures open interest fell to $5.20 billion on Monday, the lowest level since August 19. This represents a sharp drop from a peak of $7.62 billion on October 8, indicating that around $2.42 billion in futures positions have been closed as traders exit the market.
SOL’s funding rate stands at -0.0033%, meaning short sellers are paying long holders, which aligns with generally bearish positioning in perpetual futures contracts.
| Metric | Current Value | Peak | Time Frame |
|---|---|---|---|
| ETF Outflows (5 weeks) | $170 million | $71.47 million (weekly) | Oct-Nov 2026 |
| Futures Open Interest | $5.20 billion | $7.62 billion | Since Oct 8, 2026 |
| Funding Rate | -0.0033% | N/A | Current |
Over the last 24 hours, Solana saw $39.22 million in long liquidations compared to $2.37 million in short liquidations, underlining the difficulties faced by bullish traders as prices fell.
Mini dictionary: SoSoValue is a third-party analytics provider offering data on ETF flows, trading volumes, and institutional activity in cryptocurrency markets.
Technical structure worsens as support breaks and ‘death cross’ approaches
Solana’s technical indicators continue to point to ongoing weakness after breaking below important support levels. On Monday, SOL fell under the $87.80 support level, extending last week’s 8% decline on top of a 19% drop in October.
SOL now trades below its 200-day Exponential Moving Average (EMA) at $99.26, a level that may serve as resistance if prices attempt to recover. The 50-day EMA, currently at $100.35, is drifting closer to the 200-day EMA, with a potential “death cross” looming. This crossover would typically signal a deeper and more sustained downward trend.
Solana’s daily Relative Strength Index remains near 27, positioning it firmly in oversold territory and suggesting the potential for a short-term rebound, although this does not yet signal an end to the broader correction.
Momentum measures remain negative with the Moving Average Convergence Divergence (MACD) below zero, confirming strong bearish momentum. The next critical support area is found at $77.60, which lines up with a key EMA zone. Should this level give way, sellers could push SOL down toward $70.26.
Despite the unfavorable environment, an extremely oversold RSI could spark a near-term relief rally if selling pressure eases. For renewed bullish prospects, SOL needs to reclaim the broken trendline around $90.41 and challenge higher resistance zones such as $95.82 and potentially the 200-day EMA at $99.26.
