Solana (SOL) dropped nearly 10% in the past 24 hours, approaching the key $70 support level as leveraged traders faced substantial liquidations and institutional ETF withdrawals accelerated. The decline intensified persistent weakness across the broader cryptocurrency market and placed additional pressure on Solana investors.
Heavy liquidations and futures data
SOL changed hands near $72.30 after hitting an intraday low of $71.61. Over the past week, the token has lost about 19.4%, extending a downward trend that earlier threatened the $80 support band.
CoinGlass derivatives data showed liquidations totalling about $69 million in the last 24 hours, with roughly $67.25 million—97% of the total—coming from long positions. These forced sales came as Solana Breakpoint 2026 opened its conference in London, amplifying volatility.
The latest drop in SOL reflected a complex mix of leveraged selling, diminished institutional appetite, and pressures from the broader digital asset market. Open interest for Solana futures fell by around 11.4% in the past day, now standing at $4.21 billion, indicating that traders either closed or were liquidated from their positions as prices declined.
Futures funding rates for SOL also turned negative, signaling higher demand for short positions and suggesting that bearish sentiment continues to dominate.
Preliminary ETF data for November 13 showed another $3.1 million in outflows, exclusively from Fidelity’s FSOL fund, marking seven consecutive trading sessions of net institutional outflows and a total withdrawal of $58.3 million during this period.
ETF outflows and technical focus
ETF withdrawals have further fueled concerns about falling institutional demand. In October, earlier Solana ETF outflows had flagged weakening confidence among large holders. The ongoing November streak, driven mainly by the Fidelity FSOL ETF, highlights the scale of institutional retreat.
Market focus has now shifted to the $70 level, identified as psychological support following SOL’s breakdown beneath $75. If buyers are unable to defend this threshold, technical analysis suggests the next reference points are near $67.50, the bottom of a recent trading range established during Solana’s summer correction.
Should bearish pressure persist, additional downside levels are seen at $65 and $60. Analysts note these are not guaranteed targets, but conditional zones that may draw interest if downward momentum increases. Alternatively, reclaiming levels above $75—and eventually $78 to $80—could offer signs of stabilization or initial trend reversal.
| Support / Resistance Level | Description |
|---|---|
| $80 | Prior support, now resistance; reclaiming weakens bearish outlook |
| $75 | Initial recovery threshold after breakdown |
| $70 | Current key support to defend |
| $67.50 | Technical range boundary from the last correction |
| $65 / $60 | Deeper downside reference points |
Institutional activity and network growth
Solana’s current pullback arrives during the Breakpoint 2026 conference in London, which focuses on institutional tokenization, stablecoins, payment solutions, and AI-powered financial infrastructure. Despite the timing, strengthening network adoption has not been enough to offset price pressures.
Earlier in the week, Solana achieved a milestone in tokenized stock trading, recording $657 million in daily volume. While this activity highlights interest in the network’s technical potential, it has not yet translated into sustained token price support.
The network recently gained attention after the US Depository Trust & Clearing Corporation (DTCC), a central clearinghouse for regulated securities, announced plans to integrate with Solana for certain tokenization projects by 2027.
Mini dictionary: DTCC (Depository Trust & Clearing Corporation) is a major US post-trade financial services company, providing clearing and settlement services for securities transactions, and plays a critical role in the US capital markets infrastructure.
Corporate holders are monitoring the price moves closely. Forward Industries, a company with exposure to the blockchain sector, recently disclosed ownership of 8.73 million SOL. Ongoing declines in SOL’s price may affect the valuation of its treasury and broader financing strategy.
Expanding institutional use cases, such as tokenization and payments, are growing on Solana, but recent activity and network milestones have not yet translated into price stability for the token during the ongoing selloff.
