Solana ETFs show strength, but SOL price lost its yearly uptrend: Is $120 next?

Spot Solana ETFs are flexing hard with record inflows, showing institutions are thirsty for that SOL exposure. But the price action? Not so much — SOL's trading at $152.22 and looking shaky AF.

On Monday, spot SOL ETFs pulled in a massive $70 million daily inflow — the biggest since launch — pushing total inflows to $269 million since October 28 debut. That's institutional demand screaming loud and clear.

Bitwise data reveals the real tea: their BSOL US Equity and Grayscale's GSOL US Equity collectively bagged $199.2 million in net inflows during their first week (excluding seed capital). Bitwise's BSOL ETF is carrying the whole team with $401 million AUM by October 31 — that's over 9% of global SOL ETP AUM and a dominant 91% of last week's global SOL ETP flows. Meanwhile, Grayscale's GSOL barely showed up with just $2.18 million, accounting for a measly 1% of total flows.

Globally, Solana ETPs smashed it with over $400 million in weekly net inflows — the second-highest weekly inflow ever recorded. Bitwise's Solana Staking ETF (BSOL) wasn't just winning in crypto — it ranked 16th among ALL ETPs across asset classes globally. Total Solana ETP AUM now sits at $4.37 billion, with US products driving most of the action.

Here's the alpha: Bitwise estimates that a $1 billion net inflow could pump SOL's price by 34%, assuming a beta sensitivity of 1.5. That's some serious leverage potential.

Despite the ETF hype, SOL's price got absolutely wrecked this week — down over 16% to $148.11 on Tuesday, hitting its lowest level since July 9. The real pain? It broke a 211-day uptrend that started on April 7 from the $95 yearly low. That support line just evaporated.

SOL is now testing a daily order block between $170 and $156 with minimal support. The carnage has pushed it below the 50-day, 100-day, and 200-day EMAs — classic bearish confirmation on the daily chart.

With liquidity lows around $155 getting tested, SOL could stage a mean reversion bounce if buyers defend this zone — especially since the RSI just hit its lowest level since March 2025. But if it fails to hold $155 and breaks below $160? Brace for impact — the next downside target is $120–$100, marking a deeper correction unless we get a short-term rebound ASAP.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.