- SOL traded near $95 after five consecutive weekly losses since late September.
- Spot SOL ETFs recorded $71.47 million in weekly outflows, a record high.
- Whale selling, weak indicators, and resistance levels continue pressuring SOL.
Solana continues to experience heavy pressure as buyers remain cautious. SOL traded near $95.48 on Monday after extending a losing streak to five straight weeks. Market sentiment weakened further after spot Solana ETFs posted record withdrawals. Large whale transfers and steady selling activity have also raised concerns. Despite oversold signals, traders still wait for stronger evidence of a trend reversal before returning with confidence.
Record ETF Outflows Add More Pressure
Solana has struggled since late September, and recent ETF data highlights that weakness. According to SoSoValue, U.S. spot SOL ETFs recorded net outflows of $71.47 million last week. That figure marks the highest weekly withdrawal total since launch. The trend has persisted for four consecutive weeks. Investors withdrew funds on every trading day during the latest week. October 29 recorded the largest daily outflow at $27.7 million. As a result, total ETF holdings dropped to $1.4 billion.
Net inflows have also declined from $1.6 billion to $1.5 billion since early October. Large investors added further pressure. Whale wallets moved roughly $111 million worth of SOL to Coinbase Institutional on October 31. Meanwhile, CryptoQuant data showed stronger selling activity across spot and futures markets. Technical indicators reflect ongoing weakness. SOL now trades below the 50-day, 100-day, and 200-day exponential moving averages. Those levels stand at $103.81, $99.96, and $98.08.
The Relative Strength Index sits near 31. Such readings often signal oversold conditions. However, oversold assets can remain under pressure for extended periods. The MACD indicator also remains negative, supporting the current bearish outlook. Analyst Jesse Olson recently noted that three downside targets have already been reached. He added that no clear reversal signals have emerged so far.
Key Price Levels Remain in Focus
Traders are closely watching several important levels. SOL recently slipped below horizontal resistance near $97.76. The 200-day EMA at $98.08 and the 100-day EMA at $99.96 now act as nearby obstacles. A stronger barrier appears at the 50-day EMA around $103.81. Beyond that, resistance stands near $122.76. On the downside, support sits around $88.42.
That area aligns with a previously broken trendline. If selling intensifies, attention could shift toward the deeper support level near $78.35. October proved challenging for Solana. The token fell 19.3% during the month and touched a 30-day low of $92. Current prices remain roughly 68% below the January 2025 peak of $293. The Alpenglow upgrade improved transaction finality to roughly 150 milliseconds.
Yet stronger network performance has not translated into price gains. Since the upgrade launch, SOL has fallen about 11%. For now, Solana’s next move may depend on broader market conditions. Bitcoin remains a major influence, and traders continue to watch both assets for signs of renewed momentum.
