After breaking below an important support level, the price is still struggling around $84.50. Solana
A wallet associated with multiple token creators transferred 299,838 SOL to Binance and OKX, worth approximately 26 million US dollars.
U.S. spot Solana ETF recorded a weekly net outflow of $26.25 million, with an additional preliminary withdrawal of $7.7 million on November 9th.
The recent breakdown of Solana has put pressure on its recovery prospects. As selling activities intensified, SOL lost a key support level. The pressure is not only reflected in the price trend; a wallet associated with the token creator transferred nearly 300,000 SOL to Binance and OKX within 16 hours, worth 26 million US dollars. With buyers struggling to regain control, will Solana fall to 70 dollars, or will demand be able to absorb the increasing selling pressure?
$26 million of SOL was transferred to Binance and OKX.
On-chain data shows that a wallet identified as 2MdNva previously accumulated SOL from multiple token creator wallets, and then transferred these tokens to centralized exchanges. Within 16 hours, this wallet deposited approximately 299,838 SOL into Binance and OKX, worth 26 million US dollars.
These transfers have raised concerns that early token creators may be taking profits and closing out their positions. Depositing tokens on centralized exchanges increases the supply of SOL that is available for sale, but it cannot be confirmed that all of the funds have been sold. If these deposits are ultimately converted into actual sales, the increased supply may make it more difficult for buyers to push prices back up.
Solana Price Analysis: SOL Breaks Below Major Support
The price trend of Solana shows a bearish structure, with lower highs and lower lows since it approached its recent high of around $130. SOL has fallen below the important support range of $94 to $98, which previously served as a demand zone. The latest decline has brought the token close to $84.50 and pushed the $80 to $85 range to the position of the next important support area.
If it continues to fall below $80, the next major support level may be around $67 to $70. On the upside, SOL needs to regain levels above $94 to $98 in order to improve the short-term outlook. If there is a stronger rebound, the $110 area could once again come into focus.
Solana ETF Capital outflows continue, institutional demand weakens
The selling pressure has also extended to the US spot Solana ETF. Data shows that these funds experienced a net outflow of approximately $26.25 million from November 2 to November 6. The withdrawal was mainly concentrated on November 6, with funds redeeming a total of about $25.1 million that day. Bitwise saw an outflow of $14.4 million on that day, while Grayscale had an additional outflow of $5.4 million.
Pressure continued on November 9th, and preliminary data shows that the funds mentioned in the report experienced another net outflow of $10.6 million. Bitwise led the withdrawals with $5.9 million outflow, followed by TSOL from 21Shares with $3 million outflow. The latest data indicates that during the period of declining prices, investors are still reducing their exposure to Solana related investment products, rather than returning to the buyer camp.
Despite recent withdrawals, the cumulative net inflow of the US spot Solana ETF remains positive, at around $1.43 billion; as of November 9th, the total assets amounted to approximately $1.25 billion. However, if institutional demand does not recover, continuous redemptions may become another obstacle for SOL. Coupled with large-scale deposits from exchanges and a weakening technical structure, the trend of ETF further increases the challenges faced by the bulls of Solana.
Will $70 be the next target?
The short-term outlook for Solana remains bearish, as it has seen a technical breakdown alongside large-scale transfers between exchanges and weakening institutional demand. If it can hold above $80, SOL might be able to consolidate and attempt a rebound. However, if it clearly falls below this level, the $67 to $70 range could become visible, especially if the token creators continue to transfer their holdings to exchanges.
To achieve a meaningful rebound, there is a need for stronger spot demand, improved ETF cash flow, and a sustained return to the support levels that have already been broken through. Without these improvements, a short-term rebound may struggle to reverse the broader downward trend.
