Solana Etf Inflows Soar: When Will Sol Price Follow The Trend?
Solana's newly launched ETFs continued to attract heavy inflows, but a weakening market structure threatens a deeper correction to $120 for SOL price.
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.
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.
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).
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.”
Related: 21shares Solana ETF launches amid crash, but flows signal investor interest
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.
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.
Source: CoinTelegraph
