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Solana’s spot ETFs have gained consistent interest among investors, with heavy inflows into the investment product despite the recent slump in SOL’s price. The ETFs have collectively pulled in more than $500 million in net inflows since their inception and have now extended their run of days with positive investment flow to 17. This consistent interest is in spite of SOL losing close to 30% of its value, sliding from $186 to $130.
Net inflows into Solana ETFs have reached $444 million through Bitwise’s BSOL ETF, representing 89% of all Solana ETF inflows. The fund logged its third-biggest daily intake on November 19 with $35 million in new flows. This is also the biggest intake since November 3 and further showcases that investor interest in the asset has not dampened despite the broader market downturn.
The existence of other ETFs, like the 21Shares Solana ETF, also contributes to the growing competition for investor attention in the Solana market. 21Shares ETF, TSOL, launched with $100 million in assets under management - an already sizeable market entry. Spot SOL ETFs have raised $2 billion in total, proof of how the product is gaining traction - at least in the "extreme fear" currently characterizing the market.
\While the inflows into Solana ETFs signal strong investor confidence, the price action of SOL has shown a lot of resistance. Most recently, an attempt by Solana to break through the $140 mark was met with heavy selling pressure that quickly pushed it back down toward $132. Meanwhile, futures data has presented an increase in short positions, especially around the $140 resistance zone, a signal that traders still expect further downward movement.
The aggregated open interest in futures hasn't shown a significant change during Solana's price swing between $130 and $140. It suggests that the rally didn't see any fresh buying participation.
Although these are bearish indications, some analysts remain cautiously optimistic, indicating that Solana's ability to hold supports around the $130 level could position it for a likely rebound. The key signal that bullish momentum may return would be a move above $140, but until then, the risk of further downside remains.
At the current price of about $125, Solana is seeing a drop of 10% in the last 24 hours and is more than 30% lower for the month. A point to be considered, in terms of support, is that around the $130 mark; failure to hold above this zone may see further declines into the $120 territory. Conversely, if SOL consolidates and reclaims resistance levels above $135, then a rally toward $140 could become a potential scenario.
