The spot Solana exchange-traded fund (ETF) continues to attract capital inflows despite a significant price pullback. Since its launch, these products have seen a cumulative net inflow of $476 million and have maintained net inflows for 17 consecutive days, even as the price of Solana has dropped nearly 30% from $186 to $130.
Key Information:
The spot Solana ETF has recorded inflows for 17 consecutive days, with Bitwise's BSOL accounting for 89% of the total.
Futures data highlights that selling pressure is accumulating near the $140 resistance zone, which may lead Solana to retest $120.
Since its launch, Bitwise's BSOL ETF has accounted for $424 million, representing 89% of the cumulative inflows, underscoring the fund's dominant position in driving demand.
On November 19, BSOL recorded $35 million in new net inflows, marking its third-largest single-day inflow and the largest since November 3. ETF analyst Eric Balchunas also emphasized the launch of the 21Shares Solana ETF, which started on the same day and manages assets of $100 million.
According to Balchunas, the overall spot SOL ETF has attracted $2 billion in inflows, despite the market currently being in a state of "extreme fear," with funds flowing in almost daily.
On Thursday, Solana briefly surpassed Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), forming a higher high and low structure on the one-hour and four-hour charts. However, its rebound was quickly constrained by strong resistance at the 50-EMA, with the price retreating to $132.
Futures data paints a cautious picture. As SOL rose from $130 to $140, the total open interest (OI) remained stable or slightly decreased, indicating a lack of new bullish participation in the rebound. However, when the price began to consolidate around $140, OI surged, suggesting that new positions, possibly bearish, were being established at the resistance level.
At the same time, the cumulative volume delta (CVD) for futures sharply declined during the pullback, while the spot CVD trended lower throughout the day, indicating that both derivatives traders and spot holders continued to net sell.
Meanwhile, even as SOL retreated to $130, funding rates remained high, suggesting that leveraged longs are still crowded and vulnerable to further declines.
Data indicates that if the price cannot quickly reclaim $140, bullish momentum may easily fade. The next key downside target is at $120, where a previous demand cluster of liquidity and daily order blocks exists. A decisive rebound above $140 would invalidate the bearish pattern, but until then, sellers remain firmly in control.
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Original: “Solana ETF Inflows Soar: When Will SOL Price Follow the Trend?”
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