Solana continues to trade in the red even as investor demand for SOL-backed ETFs grows steadily. The token has been range-bound for several days, reflecting the broader cautious sentiment across the crypto market. According to data from crypto.news, SOL is hovering around $155, down 2.41% this week and 1.37% over the past month.
SOL ETF Inflows Extend to 12 Days
Despite the sluggish price action, capital continues to flow into Solana ETFs. Since October 28, SOL-backed funds have recorded a 12-day streak of inflows, totaling $368.52 million, based on SoSoValue data.
On November 12, SOL ETFs recorded $18.06 million in inflows a strong spike compared to recent days. The largest allocation came from Bitwise’s BSOL, which attracted $12.46 million, followed by Grayscale’s GSOL with $5.59 million.
These inflows stand in sharp contrast to Bitcoin and Ethereum ETFs, which continue to see sustained withdrawals. BTC-tracking funds saw $277.98 million exit the market, while ETH ETFs faced $183.77 million in outflows, signaling a potential rotation in investor appetite.
Technical Indicators Point to More Downside
Even with consistent ETF demand, Solana’s price remains under pressure. The token is consolidating within a tight channel between $150 and $162, and a breakout in either direction will likely set the tone for the next move.
Technical indicators lean bearish:
- RSI at 37.12 — below the neutral 50 level, reflecting weak momentum
- MACD still negative — signal line below zero with red histogram bars
- No immediate signs of bullish reversal
For bulls to regain control, the RSI would need to climb above 50 and price would have to reclaim key levels.
Key Levels to Watch
- Support:
- $150.42 — holding strong for the past three sessions
- $142 — next lower support if $150 breaks
- Resistance:
- $162 — immediate resistance
- $173 — a decisive breakout level required to flip short-term sentiment bullish
Until SOL escapes its current trading range, sideways movement and mild downside remain the dominant outlook.
