Institutional demand for Solana continues to grow as newly launched United States Solana spot ETFs post another day of strong inflows. On 5 November, the funds added about $9.7 million. One day later, inflows accelerated to $29.2 million. Data from Farside shows Bitwise’s BSOL product attracted most of the fresh capital, while Grayscale’s GSOL also recorded steady interest.
These inflows pushed cumulative assets in the two Solana ETFs to roughly $323 million. The milestone stands out among altcoins that only recently gained ETF approval.
Market participants see the consistent demand as a sign that traditional investors use the vehicles to gain regulated exposure to SOL.
In the spot market, Solana trades near a key technical area after a recent pullback. Spot prices ranged between $150 and $161 in the last 24-hour session. According to analysts, this zone acts as a potential reversal area.
If momentum improves above $160 or $170, upside targets sit near $185 and then $200. Nevertheless, a close below $150 may expose the support near $140 and then $130.
Technical indicators also hint at a possible shift. The MACD sat near a crossover on the four-hour chart. The RSI held near 37, just above oversold territory. A confirmed break would still need higher highs and firm volume. Traders continue to watch whether buyers defend the $150 area on dips.
Also Read: SOL Takes a Hit: What’s Next After Solana’s 20% Drop?
Derivative measures indicate active positioning in Solana. Funding rates on major exchanges were close to -0.179 at press time, a sign of short positions rewarding longs. That setup is common when traders lean to the downside while other market participants position for a rebound.
On-chain and derivatives data showed improving conditions. Coinalyze reported about $2.636 million in short liquidations in the past day. These forced buy orders hit the market as prices bounced from support, which can amplify upward moves and pressure remaining bearish positions.
Furthermore, volatility accompanies these developments. Funding shifts, liquidations and heavy ETF flows suggest that leverage continues to build across venues. As a result, sharp price swings remain possible in either direction. The broader narrative currently points to a gradual recovery toward previous highs, yet that path remains uncertain.
In addition, if ETF inflows remain strong and derivatives metrics stay supportive, Solana could form a base that can support another attempt at the $200 level. However, the outlook still depends on the broader crypto market conditions and whether buyers will hold the established support zone.