Key takeaways
Is institutional demand for Solana still holding up?
SOL ETFs logged multiple inflow peaks above $60 million, keeping total assets near $541 million.
Are derivatives traders ready for a rebound?
OI stayed firm near $2.95 billion, and Funding Rates flipped positive.
Solana [SOL] is back at levels not seen since June, but the market mood isn’t as bleak as the charts show.
Institutional inflows are steady, and derivatives data is starting to show a slight change. Are traders preparing for what comes next?
ETF demand stays firm
Solana ETFs continue to record steady inflows even as spot prices fall to multi-month lows.
Daily net inflows have remained positive across most sessions, with peaks above $60 million on 28th October and 3rd November. Total net assets were around $541 million at press time; there’s no meaningful investor walkout.
Source: SoSoValue
While inflows have thinned in recent days, they have not reversed, and cumulative demand has held up through the broader market drop. Large investors are still committed to the asset.
AMBCrypto previously reported that VanEck has filed an 8-A form with the SEC, so its long-awaited Solana spot ETF may be nearing launch, too.
Momentum turns
That strength from ETF flows contrasts with SOL’s weekly chart, where price momentum continues to deteriorate.
The altcoin dropped below the 50-week EMA at $176 and tested the 100-week EMA near $157, a level it last went around in June. Selling volume has increased for two consecutive weeks, so there’s sustained pressure.
Source: TradingView
At press time, the RSI neared oversold territory, while MACD extended its bearish crossover with deeper red bars appearing. The broader trend remains downward, and SOL will need to reclaim the mid-$150s to stabilize its longer-term structure.
Steadier derivatives numbers
Building on that, derivatives data is stabilizing.
Source: Coinalyze
Aggregated Open Interest (OI) held close to the $2.94-$2.95 billion range through the week, avoiding any liquidation-driven drops even as spot prices weakened.
This steady OI means leverage was not being rapidly unwound. Funding rates, which spent most of the period in negative territory, went back above zero and printed around 0.0084 at press time.
Perhaps there’s a return of long-side positioning after days of cautiousness. Traders are beginning to re-enter rather than de-risk further.
