Price weakness persists despite ETF recovery, showing a retail investor caution.
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Recent signals of recovery in the cryptocurrency markets have not sufficed to elevate Solana $137 (SOL) above the $140 threshold sustainably. Despite signs of broader market weakening, SOL prices plummeted below $140, retreating to $137. Concurrent with this drop, despite renewed inflows into Solana exchange-traded funds (ETFs), the anticipated price recovery did not materialize. Such trends highlight the ongoing fragility in market risk appetite even as institutional investors accumulate at lower levels.
ContentsThree-Week Outflow Streak Ends for Solana ETFsContinuous Price Pressure and Weak Technical Outlook Three-Week Outflow Streak Ends for Solana ETFs
On November 28, significant inflows into Solana ETFs marked the end of a persistent three-week outflow period. Grayscale’s GSOL fund led the day’s strongest inflows with $4.33 million, followed by Fidelity’s FSOL fund, which saw an inflow of $2.42 million. However, the 21Shares TSOL fund experienced an outflow of $1.38 million, partially offsetting those gains. Meanwhile, funds like Bitwise’s BSOL, VanEck’s VSOL, and Canary’s SOLC recorded no monetary movements.
As of November 28, cumulative net inflows across all Solana ETFs achieved $618.59 million, raising the total assets under management to $888.25 million. That same day, trading volume was recorded at $30.01 million. The last notable outflow in November occurred on the 26th, totaling $8.10 million following substantial inflows of $53.08 million and $57.99 million on the preceding two days.
Observing November’s overall trends reveals that a select few players dominated fund movements. Grayscale’s GSOL fund achieved a total net inflow of $77.83 million to date. In contrast, Bitwise’s BSOL fund claimed a leading position in Solana ETFs with a total inflow of $527.79 million. Fidelity FSOL’s cumulative assets reached $32.30 million, while since its launch, 21Shares TSOL experienced a net outflow of $27.60 million. VanEck and Canary operated with more modest asset sizes.
Continuous Price Pressure and Weak Technical Outlook
Despite ETF recuperation, Solana’s price suffered a 2% loss over the past 24 hours and dipped approximately 30% over 30 days. While SOL tested the $143 mark within the day, it didn’t hold, retreating to the $137 range. A limited 8% recovery over the last seven days is noteworthy but not robust enough to reverse the monthly downtrend, according to analysts.
Even with capital influx into ETFs, failure to breach the $140 level underlines a disconnect between institutional buy-ins and market pricing. This scenario suggests institutional investors accumulate positions with long-term views, while retail investors remain cautious.
Meanwhile, another development in the Solana ecosystem closely monitored in markets is the resurgence of total locked value (TVL) in some Solana-based decentralized finance projects. This increase indicates that the network’s technical utility hasn’t fully diminished, although macroeconomic conditions remain more influential on pricing. Fluctuations in Bitcoin $90,693 and Ethereum $2,997 are also noted to intensify pressure on Solana.
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