Solana Holds Steady Despite 99% Drop in ETF Inflows
Solana’s price has stabilized around $120 after a string of positive sessions, but the momentum faces a challenge due to a dramatic slowdown in ETF inflows. Despite this, the cryptocurrency remains above key moving averages on the four-hour chart, maintaining a mildly bullish technical outlook. However, the price is nearing the boundaries of a consolidating triangle pattern, leaving traders on edge for a decisive move.
ETF inflows for Solana plummeted nearly 99% last week, dropping from $188.22 million the previous week to just $2.43 million. Although this marks the 14th consecutive week of positive inflows, the sharp decline suggests a significant slowdown in demand. The data indicates that while ETF buying provided less support this week, it hasn’t yet turned negative.
Despite the weakening ETF demand, Solana’s network activity remains robust. According to SolanaFloor, the network’s decentralized exchange volume on Sunday surpassed the combined volume of Ethereum’s mainnet, Layer-2 networks, and Hyperliquid. Additionally, tokenized-stock trading on Solana exceeded $4.4 billion, highlighting strong ecosystem participation. These metrics suggest ongoing investor interest beyond ETFs.
Technically, Solana is holding above its 50-, 100-, and 200-period exponential moving averages, with immediate support near $119.16 and resistance around $123. The Relative Strength Index and Moving Average Convergence Divergence indicators suggest a modest bullish bias. A confirmed breakout above $123 and September’s high of $124.95 could target $132.87, but the pattern’s direction remains uncertain.