Key takeaways
- Solana ETFs lose $24.8 million across two sessions
- SOL struggles near $100 amid continued selling pressure
- Traders watch $96 support and $105 breakout resistance
Solana briefly fell below $100 on October 29 as institutional investment products extended their withdrawal streak and the cryptocurrency struggled to recover from October's broader selloff.
SOL traded around $99.71 earlier Thursday, down approximately 15.4% over the past month. Meanwhile, US-listed spot Solana ETFs recorded $24.82 million in combined outflows on October 27 and 28, raising concerns about weakening demand just as buyers attempt to defend a crucial psychological price level.
The selling also follows growing concerns over a potential 20% correction toward $80. However, the latest ETF withdrawals introduce a more immediate test of whether the $96–$100 support region can hold.
Solana ETFs Lose $33 Million in Three Trading Days
According to SolanaFloor's ETF tracker, American spot Solana funds lost $19.16 million on October 27, followed by another $5.66 million on October 28.
The October 27 withdrawal was the largest single-day outflow since December 3, 2025. Including October 26, when funds lost another $8.23 million, cumulative withdrawals across three sessions reached approximately $33.05 million.
The reversal is particularly striking because these products previously attracted substantial institutional capital. Their earlier inflow streak ended in October after 14 consecutive weeks of positive flows.
Nevertheless, cumulative ETF net inflows remained positive at approximately $1.5 billion, while total net assets stood near $1.56 billion on October 28.
ETF redemptions do not necessarily translate into equivalent immediate selling on cryptocurrency exchanges. Still, sustained withdrawals can signal weaker demand for regulated SOL exposure.
Solana Price Prediction: Can SOL Hold $96 or Fall Toward $90?
SOL's immediate technical outlook remains fragile after repeated failures to establish a sustained recovery above $105.
On the daily chart, the 20-day Bollinger Bands midpoint stood near $104.46, while the lower band approached $98.73. The seven-day relative strength index hovered around 34.8, indicating weak momentum without confirming that selling pressure has ended.
The $96–$100 region represents the first major support zone. If SOL loses $98 and subsequently breaks below $96, traders could begin watching $95 and $90 as potential downside targets.
Conversely, recovering $104–$105 would weaken the immediate bearish setup. A confirmed breakout could open the way toward $108–$112, although buyers would still need stronger momentum to reverse October's broader decline.
Why Solana's Network Growth Hasn't Helped SOL Price
The price weakness contrasts with recent improvements across Solana's blockchain ecosystem.
On October 21, Solana activated its Alpenglow upgrade, targeting transaction finality of approximately 150 milliseconds.
Meanwhile, the number of addresses holding tokenized equities recently reached 1.5 million, highlighting expanding blockchain-based financial activity.
However, stronger network infrastructure does not automatically translate into immediate SOL buying. Many tokenized assets trade against stablecoins, while network fees require only relatively small amounts of SOL.
