Recent signals of recovery in the cryptocurrency markets have not sufficed to elevate Solana (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.
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 and Ethereum are also noted to intensify pressure on Solana.