Solana Trades Below $100 Amid Institutional ETF Outflows
Key Summary
Solana dropped below $100 for four consecutive trading days, trading at $92.95 with an 8.8% weekly decline as SoSo Value figures confirm $71.47M in net ETF outflows. Order-book data from spot exchanges shows aggressive taker sell dominance, while Open Interest dropped to $5.7B from $6.5B.
Key Bullets
- Solana traded at $92.95 Tuesday after lingering below the $100 threshold for four consecutive days on spot order books.
- Data compiled by SoSo Value revealed record net outflows of $71.47M from Solana investment vehicles during the week ending October 30.
- Open Interest across derivatives venues declined from $6.50B on October 29 to $5.70B by November 4.
- Monthly card spending on the network reached $141M on October 31, contrasted against an active wallet count of 14,000,000 users.
Derivatives Liquidation Drags Solana Lower
Solana slid 8.8% over the weekly trading window Tuesday morning, lingering below the $100 price floor for four consecutive sessions on major order books. Market participants exchanged tokens at $92.95 following a modest 1.7% bounce over the prior 24 hours. Exchange telemetry monitored by AMBCrypto showed the daily RSI tumbling below 30 into oversold territory. Bearish momentum accelerated after the token slipped beneath both the 50-day exponential moving average at $103.20 and the 200-day exponential moving average at $99.88.
Derivatives tracking firms reported that total Open Interest across major margin platforms dropped from $6.50B on October 29 to $5.70B by November 4. Technical indicators point toward immediate support at $89.27, with secondary downside floors sitting at $87.21 and $70.58. Spot Taker Cumulative Volume Delta metrics turned firmly red, confirming that aggressive sellers are dominating order flows across spot venues. Liquidity evaporated rapidly as leveraged longs unwound positions across exchange infrastructure.
Record ETF Outflows Hit Network Valuations
Institutional capital fled investment products according to financial records published by SoSo Value. Fund products recorded their largest weekly withdrawal on record during the week ending October 30, bleeding $71.47M in net outflows. Prior weeks registered consistent negative flows, with withdrawals totaling $17.30M, $25.52M, and $24.81M across preceding periods. Political shifts compounded the bearish sentiment following prediction market tallies reflecting a 99% Democratic sweep rate during U.S. midterms.
Security monitoring firms traced wallets linked to the historical Binance breach moving nearly $96M worth of stolen SOL tokens toward Bitcoin conversion routes. The sudden influx of compromised coins hitting cross-chain bridges added heavy downward pressure to spot order books. Traders absorbed the liquidation waves without institutional bid support, leaving market makers exposed to cascading margin calls. Selling pressure intensified during early Asian trading hours as arbitrage desks cut risk.
Stablecoin Adoption Clashes With Price Action
Network fundamentals present a sharp contrast to the prevailing spot market weakness. On-chain transaction records confirm that monthly stablecoin card spending reached a record $141M on October 31, marking a sevenfold expansion compared to October 2025 metrics. Active stablecoin holder addresses expanded from fewer than 4,000,000 in October 2024 to 14,000,000 by October 2026. Real-world settlement utility continues scaling higher despite the harsh macroeconomic contraction affecting token valuations.
Protocol developers processed record transaction volumes even as speculative capital exited derivative venues. Institutional funds remain cautious while regulatory clarity regarding altcoin investment vehicles stalls in federal courts. Market participants monitor the $89.27 support boundary closely to determine if retail buyers can defend current technical levels. Order book depth remains thin across secondary exchanges.
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