Solana risks sliding to $50 as technicals point lower despite ETF inflows
Solana (SOL) faces renewed downside pressure after falling to $67 on Feb. 6 and trading more than 72% below its all-time high. Technicals across multiple timeframes show bearish patterns: a confirmed weekly head-and-shoulders (H&S) with support eyed at $50–$60, a measured H&S target near $57, and a daily bear-flag that could push price toward roughly $48 if SOL closes below $80. On-chain MVRV bands indicate the lowest deviation band sits near $73; historically SOL has rebounded after touching that band, though past extreme deviations (notably after FTX in late 2022) led to much deeper declines. Offsetting the technical bearishness, US spot Solana ETFs have recorded persistent inflows—66 of 74 days—with $2.9 million added on the latest day, cumulative inflows of $877 million and total AUM in their asset class above $726 billion (SoSoValue). Global Solana ETPs also logged $31 million in weekly net inflows, reflecting steady institutional demand. For traders: watch $80 daily close (bear-flag confirmation), $73 MVRV support, and $50–$60 H&S target. The article is informational and not investment advice.
Bearish
Technical chart patterns dominate the article and point toward further downside for SOL in the short term. Confirmed weekly head-and-shoulders and a daily bear-flag create measured targets in the $48–$60 range; a decisive daily close below $80 would activate the bear-flag target. On-chain MVRV bands provide some counter-argument — the lowest deviation band near $73 has historically marked local lows and subsequent rebounds — but this metric is described as an outlier and not a guaranteed floor (FTX-era deviations showed far deeper declines). Persistent institutional inflows into spot SOL ETFs and Solana ETPs are a bullish structural factor that could limit downside or foster quicker recoveries if buying pressure increases. However, inflows to ETFs have not yet reversed the technical momentum. Therefore, expect increased volatility: near term likely bearish as traders react to technical breakdowns and stop-loss cascades; medium term neutral-to-bearish until price demonstrates sustained reclamation of key levels (notably $80 and $120 neckline). Historically, similar setups (H&S breaks and bear flags) have produced sharp drawdowns until clear on-chain or institutional demand absorbed selling — traders should manage risk, watch volume on any rebounds, and monitor ETF flow data as a potential stabilizer.