$201M Sell-Off Tests Solana $130 Support Amid ETF Inflows
Solana (SOL) came under renewed selling pressure after its largest corporate holder, Forward Industries, transferred 1.44 million SOL (about $201.3 million) to Coinbase Prime on November 17. The move sent SOL briefly down to $128 before it recovered to around $137, but daily trading volume has dropped by 38% to $5.65 billion, signaling trader anxiety. Technically, SOL remains in a confirmed downtrend below the key $155 support, with Chaikin Money Flow at –0.18 and a bearish Supertrend signal. Analysts warn that failure to hold the $130 zone could trigger a decline toward $125–$120, with a lower floor at $115. On the flip side, institutional interest in Solana ETFs is growing: U.S. products from Fidelity, Canary, VanEck, 21Shares, and Bitwise have seen cumulative net inflows of $420.4 million, including a $2.07 million day-one inflow into Fidelity’s FSOL. A break above $145–$160 is needed to reverse the recent downside bias.
Bearish
The $201 million SOL transfer and ensuing price drop underscore prevailing bearish momentum. Key technical indicators—breach of the $155 support, negative Chaikin Money Flow, and a bearish Supertrend—point to continued downside risk. A 38% plunge in trading volume signals heightened trader caution, historically seen when large holders prepare to sell. Although institutional ETF inflows (over $420 million to date) offer mid- to long-term support, they have so far failed to counteract immediate selling pressure. Short-term traders should watch the $130, $125, and $120 levels for potential breakdowns, while a sustained rebound above $145–$160 would be required to shift sentiment. Overall, the immediate outlook remains bearish until these resistance levels are convincingly reclaimed.