Solana price remains stuck around $155 even as SOL ETF inflows jump
Solana's price remains bearish, trading near $155 despite steady ETF inflow over a 12-day streak since October 28, totaling $368.52 million. On November 12, SOL ETFs gained $18.06M, led by Bitwise’s BSOL ($12.46M) and Grayscale’s GSOL ($5.59M). Bitcoin and Ethereum ETFs saw major outflows of $277.98M and $183.77M, respectively. Despite ETF growth, Solana's technical indicators indicate weak momentum, with RSI at 37.12 and bearish MACD, struggling within a tight range of $150 to $162. Support is at $150.42, with breakout resistance levels at $162 and $173 needed to shift sentiment bullish.
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SOL Price Struggles Despite ETF Inflows
The Solana (SOL) price continues to trade in the red zone despite steady inflows into its Exchange-Traded Funds (ETFs). As of now, Solana is trading sideways at $155, with recent losses of 2.41% on the weekly chart and 1.37% on the monthly chart, reflecting a bearish trend in the broader crypto market.
12-Day ETF Inflow Streak for Solana
Despite the ongoing correction in market price, Solana ETFs have been consistently gaining traction. Since October 28, Solana ETFs have seen a 12-day streak of inflows, totaling $368.52 million. Notably, on November 12, ETFs recorded a fresh inflow of $18.06 million, largely driven by Bitwise’s BSOL fund, which attracted $12.46 million, and Grayscale’s GSOL fund, which added $5.59 million.
Shift in Investor Appetite: Bitcoin and Ethereum Outflows
Interestingly, while Solana ETFs have been witnessing consistent inflows, Bitcoin (BTC) and Ethereum (ETH) ETFs are experiencing significant outflows. Specifically, BTC-tracking funds recorded outflows of approximately $277.98 million, while ETH ETFs saw withdrawals amounting to $183.77 million, indicating a shifting investor appetite within the crypto market.
Bearish Technical Indicators for Solana
On the technical front, Solana is consolidating within a tight range of $150 to $162. The Relative Strength Index (RSI) currently stands at 37.12, below the neutral 50 mark, signaling weak momentum. Additionally, the Moving Average Convergence Divergence (MACD) remains in bearish territory, with the signal line below zero and histogram bars in red. These indicators suggest there is no clear bullish reversal signal yet.
Key Support and Resistance Levels for SOL
For Solana to reverse its bearish trend, the RSI needs to surpass the 50 threshold, and the price has to break through the immediate resistance at $162. If successful, reclaiming $173 is critical for shifting short-term sentiment to bullish. On the downside, Solana has key support at $150.42, which has held firm in recent sessions. However, breaking below this level could expose SOL to further losses, potentially testing the lower support at $142.