Solana price continues to trade in the red zone despite steady ETF inflows.
Summary
- Solana price trades sideways at $155 despite a 12-day ETF inflow streak.
- SOL ETFs gained $18M on Nov. 12, led by Bitwise’s BSOL and Grayscale’s GSOL.
- Bitcoin and Ethereum ETFs saw significant outflows, highlighting shifting investor appetite.
- SOL’s technicals remain bearish, with support at $150 and resistance at $162 and $173.
Solana has been trading sideways over the past few days, mirroring the bearish sentiment in the crypto market. crypto.news data shows the token is currently hovering around $155, with losses of 2.41% and 1.37% on the weekly and monthly charts, respectively.
Despite the ongoing correction, there has been a steady rise in Solana (SOL) ETFs since Oct 28. Data from SoSovalue shows that the exchange-traded funds are currently on a 12-day streak, with the total number of inflows recorded over this period totaling $368.52 million.
Most recently, on Nov 12, SOL ETFs saw an inflow of $18.06 million, a notable jump from the modest figures recorded in recent days. The highest inflow came from Bitwise’s fund BSOL, which recorded $12.46 million, while Grayscale’s GSOL attracted $5.59 million.
Meanwhile, Bitcoin (BTC) and Ethereum (ETH) are still posting outflows, with the BTC-tracking funds recording withdrawals reaching $277.98 million, while ETH ETFs, $183.77 million.
Solana price faces decline amid negative technical indicators despite SOL ETF flows
On the charts, SOL is consolidating in a tight range between $150 and $162, and a decisive move outside this zone will likely define the next trend. However, technical indicators are currently bearish.
The RSI at 37.12 shows weak momentum, still under the 50-neutral zone, with no clear bullish reversal signal yet. MACD also remains in bearish territory, with the signal line below zero and histogram bars in the red.
For an uptrend to occur, the RSI has to surpass the 50 mark. Going forward, Solana price has a short-term support at $150.42, which has held up across the last three sessions.
If that level breaks, downside pressure could test the lower support at around $142. On the upside, the immediate resistance lies at $162, and a stronger breakout would need to reclaim $173 to shift short-term sentiment bullish.
