Journalist
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Key takeaways
Does institutional demand for Solana still hold?
SOL ETFs saw several spikes in inflows above $60 million, keeping total assets at nearly $541 million.
Are Derivatives Traders Ready for a Rebound?
OI remained stable at nearly $2.95 billion and funding rates turned positive.
Solana (SOL) is back at levels not seen since June, but the market mood is not as gloomy as the charts show.
Institutional flows are stable and derivatives data is starting to show a slight change. Are traders preparing for what’s next?
ETF demand remains strong
Solana ETFs continue to see steady inflows even as spot prices fall to multi-month lows.
Daily net inflows remained positive across most sessions, with peaks above $60 million on October 28 and November 3. Total net assets were approximately $541 million at the time of publication; there is no significant investor walkout.
Source: SoSoValue
Although inflows have eased in recent days, they have not reversed and cumulative demand has resisted the broader market decline. Large investors remain attached to this asset.
AMBCrypto previously reported that VanEck had filed a Form 8-A with the SEC, so its long-awaited Solana spot ETF could also be about to launch.
The momentum is turning
This strength in ETF flows contrasts with SOL’s weekly chart, where price momentum continues to deteriorate.
The altcoin fell below the 50-week EMA at $176 and tested the 100-week EMA near $157, a level it last touched in June. Sales volume has increased for two weeks in a row, so there is sustained pressure.
Source: TradingView
At press time, the RSI was approaching oversold territory, while the MACD extended its bearish crossover with the appearance of deeper red bars. The broader trend remains down and SOL will need to reclaim the mid-$150s to stabilize its long-term structure.
More stable derivatives figures
On this basis, derivatives data is stabilizing.
Source: Coinalyse
Aggregate open interest (OI) held near the $2.94 billion to $2.95 billion range throughout the week, avoiding any selloff-driven declines even as spot prices weakened.
This stable OI means that leverage was not quickly reduced. Funding rates, which spent most of the period in negative territory, returned above zero and stood around 0.0084 at press time.
There may be a return to long positioning after days of caution. Traders are starting to re-enter the market rather than further reducing their risks.
