Solana ($SOL) experienced a significant downturn, falling from a high of $237 to $145 on November 4, marking a 38% decrease within a month.
The first week of November offered no relief for Solana bulls, with the cryptocurrency reaching its lowest price since July, signaling a potential bear run as the year concludes.
Since November 4, $SOL's price action remained relatively stable, hovering between $150 and $160. However, on November 11, the price began a sharp decline. In the past 24 hours, Solana's price has dropped to $140, representing a 12% loss for the week, as of the current writing.
Despite this recent drop, the sixth-largest cryptocurrency remains the worst-performing asset among the top 10 largest cryptocurrencies over the past week, with a 12% decline. This performance contrasts sharply with Bitcoin's -6% and Ethereum's -8% returns during the same period.
SOL Institutional Interest Spikes Amidst Bearish Market
Solana ETF investors appear unfazed by the coin's recent performance. Data from Bitwise indicates that the newly launched Bitwise Solana ETF (BSOL) attracted over $30 million in inflows on Friday, marking the eighth consecutive day of positive inflows.
Reports show that Solana's BSOL and GSOL spot ETFs collectively grew to $335 million as of November 7. This increase in inflows suggests a rotation of institutional capital from Bitcoin and Ethereum ETFs, as both major crypto ETFs experienced significant outflows on Friday, with Bitcoin ETFs recording a net outflow of $550 million.
Analysts predict that the weekend bounce and heightened institutional interest could serve as a major catalyst to push SOL's price towards the $200 mark. However, prevailing macroeconomic factors, including the US-China trade war and US monetary policy, could pose significant obstacles to a bullish month for Solana, despite the sustained institutional interest.
For retail investors, there is an opportunity to leverage their Solana tokens for upcoming token presales, allowing them to invest in projects that may offer greater upside potential than SOL itself. One such project is Earth Version 2, a blockchain-based MMRPOG game that enables players to compete and defend the world from alien invaders, presenting investors with this opportunity.
Buy EV2 Presale With SOL
Earlier this week, Earth Version 2 announced the launch of its $EV2 token, offering early investors the chance to purchase and stake the token. The presale is currently live, with each token priced at $0.01 during the initial funding stage, and multiple rounds are scheduled for future launches. Early players and investors will gain access to mystery boxes, other in-game products, and entry into EV2's economy.
The EV2 token serves as the engine for the Earth Version 2 ecosystem, powering upgrades, player rewards, and marketplace transactions. According to the official website, 40% of the total circulating supply will be allocated to public presales, released in stages designed to align capital inflows with verifiable product development milestones.
Potential investors have multiple options to acquire the $EV2 token, including Ethereum, BNB, Solana, Tether, and Bitcoin. A distinctive feature of this presale is the ability for investors to purchase tokens using their bank cards, which enhances accessibility for the average investor and reinforces the project's trust and legitimacy.
What Does November Hold For SOL?
The recent market-wide weekend surge suggests a potential reprieve for bulls following a challenging month where approximately $19 billion was wiped from the crypto market due to long liquidations, exacerbated by the US-China tariff war. However, as tensions ease, analysts anticipate a more stable market in the final months of 2025.
Solana, in particular, is currently trading within its accumulation zone (below $170). A sustained move above this zone could signal a return to a bullish trend. Technical indicators, such as the daily RSI, suggest an oversold market, presenting an opportune moment for bulls to buy. A confirmed close above the MA 200 at $180.53 would indicate a resurgence of bullish momentum, with a target of $200 within reach.
For investors lacking technical trading expertise, presales like the $EV2 token sale could offer an avenue to enter a promising project early, while awaiting a broader bullish reversal in the cryptocurrency market.