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

• At around $95.48 on Monday, Solana remains below key EMAs following five consecutive weeks of declines since late September.
• Weekly net outflows from US-listed spot SOL ETFs reached $71.47 million last week, their largest since launch.
• Deteriorating technical conditions, alongside softer on-chain metrics, point to reasons for caution.

Weekly outflows of $71.47 million from Solana’s spot exchange-traded funds (ETFs), the largest since launch, are reinforcing bearish sentiment. Solana (SOL) trades around $95.48 on Monday, still under pressure after a fifth consecutive week of losses. Further downside remains a risk as on-chain metrics weaken and the technical picture deteriorates.

SOL ETFs register their largest weekly outflows since launch

Net outflows from spot SOL ETFs totalled $71.47 million last week, according to SoSoValue data, setting a weekly record since launch and signalling softer institutional demand for Solana. Withdrawals have now persisted for four consecutive weeks since early October. A continuation and acceleration of this trend could leave Solana facing a deeper correction.

On-chain indicators reinforce caution

Large whale orders and selling dominance across SOL’s spot and futures markets underpin the cautious picture in CryptoQuant’s summary data. Spot trading also displays signs of overheating. Taken together, these conditions indicate a cautious, bearish bias among Solana traders.

Solana technical outlook: Price falls below key EMAs

Trading at $95.48 on Monday, Solana retains a bearish short-term bias below its 50-day, 100-day and 200-day exponential moving averages (EMAs). These stand at $103.81, $99.96 and $98.08, respectively.

A retreat below the previous horizontal resistance at $97.76 has left SOL constrained by a closely grouped set of overhead EMAs. With the Relative Strength Index (RSI) around 31, oversold conditions appear to be developing but are not yet conclusive. Meanwhile, the Moving Average Convergence Divergence (MACD) remains negative and its recovery muted, adding to the downward pressure.

Any advance would first encounter the former barrier around $97.76, then the 200-day EMA at $98.08 and the 100-day EMA at $99.96. Further up, the 50-day EMA at $103.81 provides a firmer hurdle before the higher horizontal level of $122.76.

Should the decline continue, the area around $88.42, corresponding to the broken rising trendline, offers the first significant support. A more substantial floor lies at horizontal support near $78.35, where buyers would be expected to take an interest if the current fall extends.

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