According to data from Coinglass, Solana’s inflows have fallen to a six-month low, hovering around $180.7 million — a sharp decline from the $885 million recorded just a day earlier. The steep drop suggests cooling investor demand as enthusiasm around newly launched Solana ETFs begins to fade.
At the same time, exchange data points to a rise in net outflows following several weeks of relative stability, indicating that more SOL tokens are moving onto exchanges — a sign of potential selling pressure. On Oct. 31, major exchanges including Binance, OKX, Coinbase, and Bybit all reported increased outflows. Binance alone saw $52.89 million in SOL outflows, while OKX recorded $26.98 million. Only Bitstamp and Kraken registered modest inflows of $1.19 million and $501,000, respectively.
The decline in inflows coincides with SOL’s price retreat to around $185, following its failure to sustain levels above the key $200 resistance. Adding to the bearish sentiment, Solana’s Chaikin Money Flow (CMF) indicator has dropped sharply, signaling weakening liquidity and a lack of strong accumulation from large investors.
Following the debut of the first Solana ETFs in the U.S. — the Bitwise Solana Staking ETF and Grayscale’s SOL-backed ETF — investor enthusiasm initially drove SOL above the $200 mark. However, the rally proved short-lived as the token quickly slipped back to $195 and has since moved further away from that key threshold.
Despite generating over $110 million in daily net inflows during their launch week, the two Solana ETFs have seen momentum fade sharply. According to SoSoValue, combined daily inflows have now dropped to just $37.33 million, suggesting waning investor interest and a shift back toward more established crypto ETFs backed by Bitcoin and Ethereum.
Solana Price Analysis
After failing to sustain a breakout above $200, Solana has extended its decline. Over the past 24 hours, the token has fallen 4.7%, currently trading around $186, just below its 30-day moving average (MA) near $187.50.
The 30-day MA has now turned into a key resistance level, signaling a shift toward short-term bearish momentum. Every rebound attempt in recent sessions has stalled at this threshold, indicating that sellers remain in control. Unless SOL can regain the $190–$195 range with strong volume, a retest of lower support zones near $180 — and possibly $172 — appears increasingly likely.
Momentum indicators continue to highlight Solana’s weakening technical structure. The Relative Strength Index (RSI), currently hovering near 47, underscores the absence of strong bullish momentum after failing to climb back above the neutral 50 level. The RSI’s pattern of lower highs reflects fading buying pressure, even during brief recovery attempts — aligning with the broader picture of diminishing liquidity and demand for SOL.
Solana’s inability to reclaim the $200 mark signals a cooling of market sentiment after months of steady gains. With both the moving average and RSI flashing signs of weakness, the near-term bias appears tilted to the downside. For bulls to regain control, SOL would need to decisively break and sustain above the $190–$195 zone with stronger trading volume.
Should that fail to occur, the token may remain trapped in consolidation or face a deeper retracement below $180 before any substantial recovery can take shape.
