Solana price has dropped 1.99% to USD 92.19 as ETF withdrawals, large whale transfers and broader crypto market losses continue to pressure SOL.
Data from SoSoValue showed that US spot Solana ETFs recorded USD 71.47 million in net outflows during the previous trading week. Meanwhile, Lookonchain reported that a whale transferred nearly USD 149 million worth of SOL to exchanges over ten days.
The decline comes as Solana struggles to regain USD 100, with traders now watching whether support near USD 90 can hold.
US spot Solana ETFs ended the week of October 30 with USD 71.47 million in net withdrawals. The funds recorded USD 269.35 million in trading volume during the same period.
Despite the withdrawals, cumulative net inflows stood at USD 1.47 billion. However, total net assets fell to USD 1.40 billion by October 30.
The November 2 figures showed no fresh net inflows or outflows in the available snapshot. Trading volume reached USD 53 million, while total net assets declined further to USD 1.36 billion.
The lower asset value also reflects changes in Solana's market price, rather than withdrawals alone. The next ETF flow readings will show whether investors continue reducing their exposure to SOL.
Selling concerns increased after blockchain tracker Lookonchain identified large transfers from an unidentified Solana holder.
According to the tracker, the whale moved 1.49 million SOL, worth approximately USD 148.77 million, to several exchanges within ten days.
Although reports described the activity as “dumping” SOL, the transfers do not confirm that the holder sold the tokens. Exchange deposits can precede sales, but they can also serve other purposes.
Meanwhile, CoinGlass data showed USD 6.29 million in positive SOL spot exchange netflows on November 2. The reading indicated that inflows exceeded withdrawals across monitored exchanges.
Trading activity also showed continued pressure from sellers. CryptoQuant's spot and futures taker volume data pointed to stronger selling than buying during the recent decline.
However, the available data does not establish how much of the whale's transferred SOL entered completed market sales.
Solana's latest decline came as Bitcoin fell 1.21% and the broader cryptocurrency market lost 1.26%. Bitcoin dominance also climbed toward 59.93%, while the Altcoin Season Index slipped to 46.
The figures reflect weaker performance across altcoins, including SOL which lost more ground than Bitcoin over the same period.
Solana has already fallen below the USD 95.50 level that previously served as support. Its immediate trading range now places attention on USD 90 to USD 93.
Technical indicators also show weaker momentum. The Relative Strength Index dropped to 28.56, entering oversold territory while the Chaikin Money Flow stood at -0.05.
These readings show selling pressure, although neither indicator establishes when a price recovery might begin.
A sustained move below USD 90 could bring USD 84.14 into focus as the next lower support area. Conversely, a recovery above USD 95.50 would mark an improvement in Solana's short-term price structure.
For now, traders are monitoring Solana ETF flows, whale transfers and Bitcoin's direction as SOL trades near its recent lows.
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