Solana finds itself in the spotlight as yet another storm hits the crypto world. The price saw a sharp tumble, diving below major support levels while the entire market faces widespread fear. SOL price prediction now revolves around technical signals rather than optimism.
The culprit? Market-wide risk-off sentiment, ETF outflows from Bitcoin and Ethereum, and a lackluster $46M in SOL ETF inflows. Selling pressure surged after algorithmic traders responded to the drop below the crucial $144.50-$140.80 demand zone. Volatility is up, and traders are eyeing lower support levels as the market recalibrates expectations.
ETF inflows failed to ignite a sustained rally in Solana this week. According to Sosovalue data, daily net inflows into SOL ETFs reached $12.04M with total net assets at $541.31M, but these numbers pale in comparison with the $1.8B worth of Bitcoin and Ethereum ETF outflows that defined market sentiment.
Despite momentarily stopping the bleeding on October 28 and November 3 with inflows up to $70M, SOL could not sustain momentum. This suggests that ETF inflows alone can’t balance macro-driven selling pressures, especially as fear continues to sweep across risk assets.
Looking at SOL price charts, technical indicators point to a challenging landscape for bulls. After falling beneath both its 7-day SMA at $147.97 and Fibonacci support at $149.96, SOL price sits at $140.71, down nearly 16% over the week. The daily RSI at 29.9 screams oversold, yet the MACD’s strong negative histogram of -1.99 signals growing bearish momentum.
Successively, momentum indicators and failed attempts to reclaim the $144.50-$140.80 zone make a further slide likely. I see $134.97 as the next major support, a level last tested in June. Resistance lines up for Solana price at $149.96 and $161.73. If selling persists and $134 breaks, the structure points toward a further drop near $129.
That being said, recovery hopes hinge on closing above $144.90, which could trigger a swift move to $149.96 within 3-4 trading sessions. If bulls regain control, a bounce back toward $150-$161 is possible, but for now, bearish control defines the narrative.
