Solana Price Forecast: ETF outflows hit a peak as SOL drops below key EMAs

• Pressure persists on Solana near $95.48 on Monday, with closes below key EMAs following five consecutive weeks of losses since late September.
• Weekly net outflows from US-listed spot SOL ETFs reached a post-launch high of $71.47 million last week.
• A worsening technical outlook, alongside softer on-chain metrics, points to reasons for caution.

Bearish sentiment continues to weigh on Solana (SOL), which is trading near $95.48 on Monday following five successive weeks of declines. Adding to the negative mood, weekly outflows from SOL’s spot exchange-traded funds (ETFs) reached $71.47 million, the largest withdrawals since launch. Further downside risks could emerge as on-chain metrics weaken and the technical outlook deteriorates.

Could record weekly ETF outflows deepen Solana’s correction?

Signs of fading institutional appetite for Solana are emerging in ETF flows. According to SoSoValue, spot SOL ETFs saw net withdrawals of $71.47 million last week, their largest weekly outflows since launch. This also extended the run of withdrawals that began in early October to a fourth consecutive week. A continuation and acceleration of these outflows could leave Solana facing a deeper correction.

Are on-chain signals pointing to greater caution?

A cautious picture emerges from CryptoQuant’s summary data, with sizeable whale orders and selling dominance evident across SOL’s spot and futures markets. Signs of overheating are also visible in the spot markets. Together, these indicators point to a cautious, bearish bias among Solana traders.

Solana technical outlook: Can SOL recover above key EMAs?

Trading below its key Exponential Moving Averages (EMAs), Solana retains a bearish short-term bias at $95.48 on Monday. The 50-day, 100-day and 200-day EMAs stand at $103.81, $99.96 and $98.08, respectively.

A retreat below the earlier horizontal resistance of $97.76 leaves SOL constrained by a tightly grouped set of overhead EMAs. With the Relative Strength Index (RSI) close to 31, oversold conditions appear to be developing but are not yet conclusive. Meanwhile, a muted recovery in the Moving Average Convergence Divergence (MACD), which remains below zero, continues to underline downside pressure.

Any recovery would first encounter the previous barrier around $97.76, before the 200-day EMA at $98.08 and the 100-day EMA at $99.96. Beyond these, the 50-day EMA at $103.81 presents a firmer ceiling, ahead of the higher horizontal level of $122.76.

If losses continue, the area around the breached rising trendline at $88.42 provides the first significant support. A stronger base lies further down at horizontal support near $78.35, where buying interest would be expected should the current decline extend.

(The technical analysis of this story was written with the help of an AI tool. Know more.)