Solana (SOL) hovered below $90 on Monday. Despite an 11% technical rebound last Friday, it retreated approximately 14% this week. Against the backdrop of overall crypto market pressure, SOL has declined a total of 44% over the past three months, with market sentiment remaining cautious.
Notably, the price pullback has not prevented institutional capital from deploying. Data shows that the Bitwise Solana Staking ETF recorded approximately $1.48 million in net inflows on February 6, increasing its assets under management to $447 million. Currently, several Solana-related ETFs hold a combined total of about $674 million. Some products experienced outflows, but the continued subscription to staking ETFs indicates that long-term investors are taking advantage of the low levels to allocate.
A clear divergence between ETF capital flows and price movements reflects strategic differences between medium- and long-term institutions and short-term traders. The former focus more on network fundamentals and staking yields, while the latter remain on the sidelines due to macroeconomic uncertainties.
In the derivatives market, SOL futures open interest decreased by 2% in 24 hours to approximately $5.3 billion, indicating that leverage funds are shrinking. Funding rates remain negative, with bearish sentiment still dominant. During the same period, long and short liquidations are nearly equal, and volatility remains high.
On the technical side, SOL is below the 50-day and 200-day moving averages, indicating a still-weak trend. The RSI has fallen to around 29, entering oversold territory, suggesting a short-term rebound is possible but with limited momentum. Key resistance is concentrated around $111; if the price cannot stabilize above this level, it may become a new area of selling pressure. Important support levels are at $67, with deeper support at $51.
As of press time, SOL is trading at approximately $87.77. The short-term trend remains influenced by macro factors and capital flows, but continued ETF accumulation could provide a potential support layer for Solana’s medium- to long-term outlook.
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