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Main takeaways:
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The spot Solana ETFs started strong to cross more than $400 million in weekly flows.
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SOL broke its 211-day trend, slipping below key moving averages.
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Failure to hold $155 could send the SOL price into the $120-$100 range.
Spot Solana (SOL) exchange-traded funds (ETFs) begin their trading journey with strength, displaying a record positive flow that underlies the institutional demand for the native asset of the network.
On Monday, spot SOL ETFs recorded a daily high of $70 million in inflows, the strongest since launch, bringing the spot ETF’s total inflows to $269 million since its debut on October 28.
Data from Bitwise indicated that two Solana ETFs, Bitwise’s BSOL US Equity and Grayscale’s GSOL US Equity, collectively attracted $199.2 million in net inflows (excluding seed capital) during their first week.
Bitwise’s BSOL ETF led the charge, amassing $401 million in assets under management (AUM) as of October 31. This figure represented more than 9% of global SOL ETP AUM and 91% of global SOL ETP flows last week. In contrast, Grayscale’s GSOL US Equity attracted just $2.18 million, representing about 1% of total ETP flows.
Globally, weekly net flows into Solana ETP exceeded $400 million, marking the second highest weekly flow on record. Bitwise’s Solana Staking ETF (BSOL) was also the highest performing crypto ETP in the world, ranking 16th among all ETPs across all asset classes for the week.
Currently, Solana ETP’s total AUM is $4.37 billion, with US products accounting for the majority of new investments. According to Bitwise estimates, a net outflow of $1 billion could correspond to a potential increase of 34% in the price of SOL, assuming a beta sensitivity of 1.5.
Related: Solana Treasury Forward Industries authorizes $1B share buyback
Solana price breaks key downtrend: Will it drop another 20%?
Despite the record inflows, SOL’s price action turned sharply bearish this week, falling more than 16%, falling to $148.11 on Tuesday, its lowest level since July 9. The correction also broke a 211-day uptrend that began on April 7, with the $95 level serving as the year low.
Solana is currently testing a daily order block between $170 and $156, an area with limited support. The decline pushed the price below the 50-day, 100-day, and 200-day EMAs, signaling potential bearish confirmation on the daily chart.
With liquidity lows around $155 now being tested, SOL could stage a mean reversion recovery if buyers defend this zone, especially as the relative strength index (RSI) hits its lowest level since March 2025.
However, acceptance below $160 and a failure to hold $155 could expose the next downside target between $120 and $100, marking a deeper correction phase unless a short-term rebound materializes soon.
Related: Hawkish Fed sparks $360M in crypto flows as Solana ETFs buck trend
This article does not contain investment advice or recommendations. Every investment and business move involves risk, and readers should do their own research when making a decision.
