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

• $95.48 is Solana’s approximate trading level on Monday. The token has posted five consecutive weekly losses since late September and closed below key EMAs.
• Last week’s $71.47 million net outflow from US-listed spot SOL ETFs was their largest weekly withdrawal since launch.
• Caution is warranted as on-chain indicators weaken and the technical picture worsens.

$95.48 is the level around which Solana (SOL) is trading on Monday. Pressure persists after a fifth consecutive week of losses. A record $71.47 million in weekly withdrawals from SOL spot exchange-traded funds (ETFs) has reinforced bearish sentiment. Softer on-chain indicators and a worsening technical picture also point to the risk of further declines.

$71.47 million: Weekly ETF withdrawals hit post-launch high

Last week’s net withdrawals from spot SOL ETFs reached $71.47 million, according to SoSoValue, setting a weekly record since launch. The outflow also extended the run of withdrawals that began in early October to four consecutive weeks, signalling weaker institutional demand for Solana. A continuation and acceleration of this trend could leave the token facing a deeper correction.

On-chain indicators flag caution

Large whale orders and sell-side dominance feature in both SOL spot and futures markets, according to CryptoQuant’s summary data. Spot markets are also showing signs of overheating. Together, these signals indicate a cautious, bearish bias among Solana traders.

$95.48: Solana trades below key EMAs

At $95.48 on Monday, Solana retains a bearish near-term bias. The price remains below its 50-day, 100-day and 200-day exponential moving averages (EMAs), which stand at $103.81, $99.96 and $98.08, respectively.

A retreat below former horizontal resistance at $97.76 leaves SOL constrained by a tight cluster of overhead EMAs. Near 31, the Relative Strength Index (RSI) suggests oversold conditions are developing but are not yet conclusive. The Moving Average Convergence Divergence (MACD) indicator is recovering only modestly and remains negative, underscoring the downward pressure.

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

Should the decline continue, initial significant support lies around $88.42, in the area of the breached rising trendline. A stronger floor follows at horizontal support near $78.35, where buyers would be expected to take an interest if the current sell-off extends.

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