Solana's price remained near USD 89 on November 8 as fresh U.S. spot ETF withdrawals added to weak technical signals. Although SOL's momentum indicators reached oversold levels, futures traders' long positions did not confirm a recovery.
SOL traded near USD 89.20 on Sunday, down roughly 1% over 24 hours, according to market data. It remained close to its 200-day simple moving average of USD 89.07. The token also traded below its 20-day and 50-day averages of USD 97.48 and USD 107.35, respectively.
Meanwhile, CoinMarketCap recorded SOL at USD 95.49 on November 4 before its closing price fell to USD 89.14 on November 5. The decline preceded the latest ETF withdrawals.
Daily technical readings on November 8 showed a relative strength index (RSI) near 29.7, below the oversold threshold of 30. The MACD indicator also remained negative at approximately -4.67, showing continued selling pressure.
Furthermore, the lower Bollinger Band stood near USD 86.07 while immediate support appeared around USD 88.47. A decline below that level could expose the USD 84.86 area. Conversely, resistance stood near USD 90.95, followed by USD 93.04.
Market analyst Jesse Olson also expressed doubts about the selling pressure easing. On November 6, he wrote that "SOL remains ultra bearish aka oversold on the daily chart." He added that the token had fallen below his third downside target, raising concerns about another decline.
U.S. spot Solana exchange-traded funds recorded USD 24.2 million in net withdrawals on Friday, November 6, according to Farside Investors. That followed an USD 800,000 net outflow on November 5, bringing the two-day total to approximately USD 25 million.
Farside reported that Bitwise's BSOL accounted for USD 14.4 million of Friday's withdrawals. Grayscale's GSOL lost USD 5.4 million, while Morgan Stanley's MSOL posted USD 4.4 million in outflows. The tracked funds recorded no net changes between November 2 and November 4.
However, cumulative net inflows since launch remained positive at approximately USD 1.44 billion. Therefore, the latest withdrawals have not erased previous investment in Solana funds, although the recent figures show renewed redemptions.
The November 6 figures represent the latest available U.S. trading-session totals as of Sunday. ETF flow estimates can vary between data providers because of differences in fund coverage and reporting times.
Binance futures data showed approximately 78.4% of accounts holding SOL positions were long on November 8, compared with 21.6% short. Among top-trader accounts, 80.9% were long. However, long positions represented approximately 69.3% of those traders' total position size.
These figures measure different forms of positioning. Account ratios count traders rather than the amount of money they hold. Consequently, more long accounts do not establish that buying pressure outweighs selling activity.
CoinGlass listed total Solana futures open interest near USD 5.4 billion including approximately USD 840 million on Binance's SOL/USDT contract. The figures confirm substantial outstanding derivatives positions but do not establish their future direction.
Solana's next technical levels remain USD 88.47 in immediate support and USD 90.95 in resistance. A move below support would bring USD 84.86 into focus, while a sustained recovery above resistance would place USD 93.04 as the next level to watch.
ALSO READ: Apple, Nvidia, Tesla Among 67 Firms Rejecting OKXICE Stock Tokenization