Solana ETFs show strength, but SOL price lost its yearly uptrend: Is $120 next?

Key takeaways:

• The spot Solana ETFs start strong by drawing over $400 million in weekly inflows.

• SOL broke its 211-day uptrend, slipping below key moving averages.

• Failure to hold $155 could send SOL price into the $120–$100 range.

Spot Solana () exchange-traded funds (ETFs) start their trading journey with strength, posting record positive inflows that underscored institutional demand for the network’s native asset.

On Monday, spot SOL ETFs a daily high of $70 million in inflows, the strongest since launch, taking the total spot ETF inflows to $269 million since its debut on Oct. 28.

Data from Bitwise that two Solana ETFs, Bitwise’s BSOL US Equity and Grayscale’s GSOL US Equity, collectively attracted $199.2 million in net inflows (excluding seed capital) during their first week.

Bitwise’s BSOL ETF led the charge, amassing $401 million in assets under management (AUM) by Oct. 31. That figure represented over 9% of total global SOL ETP AUM and 91% of global SOL ETP flows last week. In contrast, Grayscale’s GSOL US Equity drew only $2.18 million, accounting for roughly 1% of total ETP flows.

Globally, weekly net inflows into Solana ETPs surpassed $400 million, marking the second-highest weekly inflow on record. Bitwise’s Solana Staking ETF (BSOL) was also the top-performing crypto ETP globally, ranking 16th among all ETPs across asset classes for the week.

Currently, the total Solana ETP AUM stands at $4.37 billion, with US-listed products accounting for the majority of new investment. According to Bitwise’s estimates, a $1 billion net inflow could correspond to a potential 34% increase in SOL’s price, assuming a beta sensitivity of 1.5. 

Solana price breaks key downtrend: Will it drop another 20%?

Despite the record inflows, SOL’s price action turned sharply bearish this week, falling over 16%, dropping to $148.11 on Tuesday, its lowest level since July 9. The correction also broke a 211-day uptrend that began on April 7, with the $95 level serving as the yearly low.

Solana is currently testing a daily order block between $170 and $156, an area with limited support. The downturn has pushed the price below the 50-day, 100-day, and 200-day EMAs, signaling potential bearish confirmation on the daily chart.

With liquidity lows around $155 now being tested, SOL could stage a mean reversion recovery if buyers defend this zone, especially as the relative strength index (RSI) hits its lowest level since March 2025. 

However, acceptance below $160 and a failure to hold $155 could expose the next downside target between $120 and $100, marking a deeper correction phase unless a short-term rebound materializes soon.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.