Crypto: Solana at 5-month low despite ETF success

While ETFs backed by SOL have recorded constant inflows for almost two weeks, its price is plummeting, reaching a five-month low. This striking paradox between institutional enthusiasm and the weakness of the spot market raises the question: why does such a supported asset fall so suddenly? Far from classic diagrams, Solana exposes the deep, sometimes contradictory tensions that run through the crypto ecosystem today.

A record influx on Solana ETFs: interest does not weaken

While the price of Solana (SOL) suffers a marked fall, the interest of institutional investors in derivative products backed by this asset does not weaken.

Indeed, Solana ETFs recorded thirteen consecutive days of inflows, a signal rarely observed on an asset in full correction. This Thursday, ETFs recorded $1.49 million in inflows, bringing cumulative flows to $370 million, for a total value of assets under management exceeding $533 million.

Bitwise's BSOL was the only ETF to see inflows on the day, nonetheless marking the weakest day since its launch on October 28, 2025.

Here is the important facts to remember about this dynamic:

• 13 consecutive days of positive flows on Solana ETFs despite the drop in price;

• $1.49 million in entries recorded on November 14, the lowest daily level since the launch of these products;

• $370 million in cumulative flows, for more than $533 million in assets under management;

• Bitwise's BSOL is to date the only ETF to have recorded positive flows during the last observation day.

This contrast is all the more striking given that other large crypto ETFs experienced massive disengagement at the same time. Bitcoin ETFs saw a net outflow of $866 million, their second worst daily performance since launch, while Ethereum ETFs saw $259.2 million in assets evaporate.

This differential raises questions. While the general market seems to be in decline, Solana benefits from a form of resilience or strategic anticipation on the part of institutional investors. However, this dynamic has not succeeded in stopping the drop in price, proof that institutional interest is not enough, on its own, to support an asset under technical pressure.

A technical collapse: Crypto price breaks two-year uptrend

Despite this institutional momentum, the crypto price plunged to $142, its lowest since June 23, 2025, breaking several key technical supports.

The correction blew up the 100-week moving average (100 SMA) as well as the multi-year uptrend initiated in January 2023. Thus, the price could now fall towards the critical $100 level, which corresponds to the 200-week moving average, considered the last major support level. The current area around $140 is referred to as “key price area identified on the daily chart”a level offering little real support.

Additionally, UTXO Realized Price Distribution (URPD) indicators reveal a low density of historical buyers below $140, which limits the chances of an immediate technical rebound. The RSI (Relative Strength Index) fell to its lowest level since April, confirming a weakening of bullish momentum.

These technical elements reinforce the hypothesis of a continuation of the fall towards $126, or even the symbolic threshold of $100. A break below $150 could extend the decline to $126 and then towards the strong support at $100.

This technical configuration puts Solana in a delicate situation. Despite the clear support from institutions, the current weakness of the market and the absence of immediate bullish catalysts weaken the asset. In the short term, if the identified support levels do not hold, a capitulation towards $100, when the crypto was targeting $1000, seems more and more likely. In the medium term, everything will depend on the market's ability to react to negative technical signals or find a second wind thanks to new fundamentals.