Solana Falls Below $100 as ETF Outflows and Whale Selling Mount
Solana fell below $100 to $99.71 on October 29, down 15.41% over the past month. Spot Solana ETFs recorded $24.82 million in combined outflows on October 27 and 28, bringing reported October outflows above $105 million. Cumulative ETF net inflows remain positive at about $1.51 billion.
Bearish
The immediate market signal is bearish: SOL is below $100, ETF redemptions totaled $24.82 million over two sessions, and Lookonchain reported that a wallet sold 1.02 million SOL worth about $104.3 million over five days. These flows may reinforce concerns about demand and add to short-term selling pressure. SOL’s weak momentum readings and its decline over the past month also leave the price vulnerable if support fails.
Traders are watching the $96–$100 area as support. A daily close below the lower Bollinger Band near $98.73 could increase the risk of a move toward $95 or $90, while a confirmed recovery above $104–$105 could ease immediate downside pressure and put $108–$112 in focus. ETF outflows and large-holder sales have often weighed on sentiment in the short term, but neither alone proves the cause or direction of future price moves. Broader market conditions and whether buyers defend support will matter.
Longer term, the Alpenglow upgrade’s faster-finality target and continued ecosystem development could support network fundamentals. However, these developments are separate from SOL’s near-term supply and demand, so they do not remove the immediate pressure from outflows and reported selling. ETF cumulative inflows remain positive, offering some counterpoint to the recent withdrawals.