Solana Price and Market Overview
Solana (SOL) is trading above $141 as of Thursday. The price bounced back from $130, the low of the previous day. Despite this recovery, the overall market outlook remains bearish.
Solana ETF Inflows Continue
Solana ETFs in the US saw steady inflows recently. On Wednesday, nearly $56 million flowed into SOL ETFs. This brought total net inflows since October 28 to $476 million.
- Bitwise’s BSOL ETF led with $36 million inflows.
- Grayscale’s GSOL ETF followed with nearly $13 million inflows.
- Fidelity’s FSOL ETF recorded $5 million inflows.
Since their October 28 debut, Solana ETFs have not had any outflows. This shows growing interest in altcoin ETFs.
However, retail demand has not increased since mid-October. That month saw a large market liquidation event. Solana’s futures Open Interest (OI) is now around $7.2 billion, down from $10 billion on November 1 and below the $17 billion peak on September 19.
A rising OI usually supports price recovery. But if OI keeps falling, Solana’s price may drop below $130.
Technical Outlook for Solana
Solana trades below its key moving averages. The 50-day EMA is $173, and the 200-day EMA is $180. Both levels act as resistance for price gains.
The MACD indicator is negative but improving, which could signal less bearish pressure soon. The RSI stands at 38, showing weak momentum below the neutral 50 line.
Resistance near $166 and a descending trend line from the $261 high limit upside potential. Support near $125 was broken around $149, indicating bearish strength.
If Solana breaks above $160, it could rise toward the 100-day EMA around $182. Failure to reclaim support may keep sellers in control and cap gains.
