Solana ETF inflows soar: When will SOL price follow the trend?

Spot SOL exchange-traded funds (ETFs) have continued to attract capital despite the coin’s steep price drawdown. Since launch, the products have accumulated $476 million in net inflows, with the streak extending 17 consecutive days, even as SOL’s (SOL) price plunged nearly 30% to $130 from $186.

Key takeaways:

Spot SOL ETFs posted 17 straight days of inflows, with Bitwise’s BSOL representing 89% of the total value.
Futures data underscored the building of selling pressure near the $140 resistance zone, which could send SOL to a retest of $120.

Spot SOL ETF continues to draw investor interest

Since its debut, Bitwise’s BSOL ETF has accounted for $424 million, representing 89% of cumulative inflows, underscoring the fund’s dominance in driving demand.

On Nov. 19, BSOL recorded $35 million in fresh net flows, its third-largest daily intake and the biggest since Nov. 3. ETF analyst Eric Balchunas also highlighted the debut of the 21Shares Solana ETF, which launched the same day with $100 million assets under management (AUM).

Bitwise Solana ETF netflows. Source: SoSoValue

According to Balchunas, spot SOL ETFs as a group have taken in $2 billion, managing to attract inflows “basically every day” despite the market’s current “extreme fear.”

SOL continues to struggle as selling pressure intensifies

Solana briefly outperformed Bitcoin (BTC), Ether (ETH) and XRP (XRP) on Thursday, printing a higher-high and higher-low structure on the one-hour and four-hour charts. But its rally was quickly capped by heavy resistance at the 50-EMA, which rejected the price back toward $132.

Cryptocurrencies, Markets, Cryptocurrency Exchange, Price Analysis, Market Analysis, Altcoin Watch, Solana, ETF — *Solana’s four-hour chart. Source:* *Cointelegraph/TradingView*

Futures data painted a cautionary picture. Aggregated open interest (OI) remained flat to slightly declining during SOL’s move from $130 to $140, suggesting the rally lacked fresh long participation. However, OI spiked once price began consolidating near $140, indicating new positions, likely short-leaning, were building into resistance.

At the same time, futures cumulative volume delta (CVD) fell sharply during the correction, while spot CVD trended lower all day, signaling consistent net selling from both derivatives traders and spot holders.

Meanwhile, funding rates stayed elevated even after SOL dropped back to $130, implying leveraged longs remain crowded and vulnerable to further downside.

The data suggested that without a swift reclaim of $140, bullish momentum could subside easily. The next key downside target sits at $120, where liquidity and prior demand from a daily order block converge. A decisive bounce above $140 would invalidate the bearish setup, but until then, sellers remain firmly in control.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.