By Solana price falls below $100 as ETFs lose $24.8M in two days
Solana’s price has fallen below $100 after U.S. spot SOL exchange-traded funds recorded $24.82 million in net outflows over two trading sessions, adding pressure to a cryptocurrency already struggling through a difficult October.
Summary
- Solana price traded at $99.71 on October 29, losing 15.41% over the previous month.
- Spot Solana ETFs recorded $24.82 million in combined outflows on October 27 and 28.
- Lookonchain reported a whale selling 1.02 million SOL worth approximately $104.3 million over five days.
- Analyst CryptoBusy identified 96–100 as support, with 104–105 the next breakout threshold.
- Solana’s Alpenglow consensus upgrade activated on October 21, separately from proposed token supply changes.
SoSoValue’s ETF data show investors withdrew $19.16 million on October 27, followed by another $5.66 million on October 28. The first session recorded the largest daily withdrawal since December 3, 2025, when the funds lost $32.19 million. The latest redemptions coincided with SOL testing a price level that traders have defended repeatedly this month.
At $99.71 at the time of reporting, Solana was down 2.1% over 24 hours, bringing its seven-day decline to 4.74%. Monthly losses reached 15.41%, with the token trading between $99.23 and $103.65 during the latest session. Daily trading volume stood at approximately $2.93 billion.
Solana ETF outflows put pressure on the $100 price level
The latest withdrawals brought October’s reported ETF outflows over $105 million, despite cumulative net inflows remaining positive at approximately $1.51 billion. On October 28, the funds held roughly $1.56 billion in net assets, according to the reported SoSoValue data.
The October 27 withdrawal was particularly notable because only one trading session since the funds launched had recorded a larger outflow. However, ETF redemptions alone cannot establish how much of Solana’s latest price decline came directly from institutional selling.
Weakness has reached other parts of the crypto market. The CoinMarketCap Altcoin Season Index fell 5.08% to 56, indicating softer performance across alternative cryptocurrencies. Solana’s annual price decline of 48.77% further illustrates the pressure that has followed its previous market recovery.
Institutional fund flows have remained a concern throughout October. As crypto.news reported during the month, SOL had repeatedly approached $100 while investors withdrew money from cryptocurrency investment products.
Whale selling adds to Solana market concerns
Large-holder activity has drawn attention alongside the ETF withdrawals. Blockchain analytics account Lookonchain reported on October 29 that a wallet had sold 1.02 million SOL, worth approximately $104.3 million, over five days.
The account linked the activity to an Arkham-tracked entity, although the wallet owner’s identity and the complete execution details require independent verification. The reported transactions represent a separate potential source of selling pressure from ETF redemptions.
Despite the price decline, Solana’s market capitalization stood near $58.83 billion, keeping it seventh among cryptocurrencies. Circulating supply was approximately 589.98 million SOL, while the network’s total supply reached 636.64 million tokens.
On-chain development has continued during the selloff. A separate report on tokenized stocks found that Solana’s tokenized-equity holder count had reached approximately 1.5 million, five times its August level.
The growing number of holders contrasts with the cryptocurrency’s declining market price, although tokenized-equity adoption and demand for SOL are different measures.
Solana price prediction: Will $98 support hold?
TradingView’s daily indicators placed SOL below its 20-day Bollinger Bands midpoint at $104.46, with the lower band near $98.73. The token has recorded a series of lower highs since approaching $125 in October, leaving its short-term price structure under pressure.
The Bollinger Band Power indicator stood at -4.70, while the seven-day relative strength index measured 34.81. Both readings suggest weak momentum, although neither guarantees that further losses will follow.
Crypto analyst CryptoBusy identified the $96–$100 region as a key support area on the four-hour chart. In his assessment, buyers would need a confirmed move above $104–$105 to challenge resistance between $108 and $112.
Another rejection near the descending trendline could bring $100 back into focus, with $96 representing the next support level. The daily chart places intermediate resistance at $104.46 and the upper Bollinger Band near $110.19.
A daily close below $98.73 would weaken the current support structure, leaving $95 and $90 as potential downside levels. A deeper decline toward $80 remains a bearish scenario, not a confirmed price target.
Solana network development continues despite market weakness
The price decline has coincided with changes to Solana’s underlying technology. The network’s Alpenglow consensus upgrade activated on October 21, replacing its previous TowerBFT consensus process.
The upgrade targets substantially faster transaction finality, with developers citing approximately 150 milliseconds under the new design. That technical milestone is separate from proposals to reduce future SOL issuance or change transaction-fee burning.
Proposed supply changes under SIMD-550 and SIMD-553 could alter the amount of SOL entering circulation and the quantity permanently removed through transaction fees. Their projected effects depend on approval, implementation and actual network activity.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
