TLDR
- Solana trades near $85.59, down 3.85% on the day and 70% below its record high.
- Solana ETFs saw outflows for a fifth week, totaling nearly $170 million.
- Futures open interest fell to $5.10 billion, the lowest since Aug. 19.
- SOL lost the $90.41 trendline and trades below the 200-day EMA at $99.26.
- Support sits at $87.46 and $77.60, while resistance starts at $90.41.
Solana (SOL) slipped to about $85.59 early Monday, down 3.85% on the day. The token now trades roughly 70% below its record high of $294.85, set on Jan. 18, 2025.
SOL has now fallen for five straight weeks. Last week it lost 8%, after a 19% drop in October.
The latest slide took price below a long-term ascending trendline near $90.41. That line connects the June 6 and August 1 lows, and SOL lost it on Sunday with a drop of more than 3%.
ETF Outflows and Futures Data
Solana exchange-traded funds saw outflows for a fifth week in a row, according to SoSoValue. Last week’s outflow was $26.25 million.
Across the five weeks, the funds shed nearly $170 million. The largest single week was $71.47 million, recorded the previous month.
FXStreet analyst Vishal Dixit linked the redemptions to weaker demand from institutional investors. He wrote that a weekly ETF inflow could hint at a trend reversal.
CoinGlass data shows futures open interest at $5.10 billion on Monday. That is the lowest level since Aug. 19 and well below the Oct. 8 high of $7.62 billion.
The funding rate sits at -0.0033%, which points to a short-term selling bias. Long liquidations hit $33.64 million on Sunday, compared with $1.35 million in short liquidations.
Key Price Levels for SOL
SOL trades under its 200-day exponential moving average at $99.26. The 50-day EMA, at $100.35, is edging toward a cross below it, a pattern known as a death cross.
The daily Relative Strength Index is near 29, close to oversold territory. The MACD remains negative.
Immediate support sits at $87.46, with the next demand zone near $77.60. Below that, the next levels are $67.50 and $60.13.
Resistance begins at the former trendline near $90.41, followed by $95.82. Analyst Token Talk (@TokenTalk3x) said SOL is either building a base or preparing for one last shakeout toward $83, and is watching how price reacts around $88 to $90. The analyst added that they do not need to predict the bottom, only to see buyers show up.
$SOL is either building a base here or preparing one last shakeout towards $83
Both scenarios are on the table rn
But one thing I’m watching closely is how price reacts at $88–$90 level
I don’t need to predict the bottom
I need to see buyers show up pic.twitter.com/ZMXazwKlud
— Token Talk (@TokenTalk3x) November 8, 2026
On the network side, Motley Fool writer Leo Sun noted that Solana’s Layer 1 processes 1,000 to 3,700 transactions per second. Ethereum’s Layer 1 handles 15 to 30.
Sun also said Circle, Visa, PayPal and Stripe use Solana to settle stablecoin transfers and tokenize real-world assets. He described it as the second-largest developer-focused blockchain after Ethereum.
Sun listed macro, competition and regulation as headwinds, including high interest rates and Treasury yields, Ethereum Layer 2 networks, and the CLARITY Act, which failed in a Senate vote earlier this year. He also pointed to the Democratic takeover of the House and Senate in the midterms, and said he would stay away from SOL at current levels.
As of 2:22 AM ET on Nov. 9, Solana trades at $85.59 with a day’s range of $85.54 to $89.80. Its market cap is $50.59 billion, and its 52-week range runs from $60.40 to $171.62.
