Solana ETF Inflows Plummet 99% Amid Consolidation
Solana's recovery is facing a test as its ETF inflows collapsed 99% last week, but the cryptocurrency itself remains above key moving averages, preserving a mildly bullish technical structure. According to CoinGlass data, Solana-focused ETFs recorded $2.43 million in net inflows last week, compared to $188.22 million the previous week, a decline of approximately 98.7%. This significant reduction in fresh allocations is a concern, but it's essential to note that the funds did not experience a net weekly withdrawal.
Despite softer ETF inflows, Solana's network continued to show signs of active usage. The decentralized exchange volume on Solana exceeded the combined volume of Ethereum mainnet, Ethereum Layer-2 networks, and Hyperliquid on Sunday, according to SolanaFloor. This highlights strong activity during that session, but one day's performance does not establish a lasting lead. Additionally, more than $4.4 billion in tokenized-stock trading volume on Solana points to growing activity around blockchain-based exposure to traditional equities.
Solana's technical forecast suggests that the price is consolidating between nearby buying and selling levels, forming a triangle pattern. The narrowing structure indicates that price is approaching a decisive move, but the direction is unclear. The Relative Strength Index is near 54, and the Moving Average Convergence Divergence indicator is mildly positive, favoring a modest bullish bias. The immediate upside hurdle is the resistance trendline around $123, followed by September's high at $124.95.