Solana Price Decline Continues Despite Strong Institutional Inflows
Solana’s price has fallen below the $180 mark, despite the introduction of new exchange-traded funds (ETFs) that have attracted hundreds of millions of dollars in fresh capital. This disparity between institutional inflows and price action highlights the current uncertainty in the cryptocurrency market. According to market data, Solana’s price is currently at $177.15, down 5.25% in the last 24 hours and 7.8% over the past week.
The decline in Solana’s price is part of a broader market sell-off, with the global crypto market cap falling by more than 3% in the past day, shedding over $114 billion and bringing the total value down to $3.61 trillion. The sixth-largest crypto asset is among the biggest losers of the day, with its price struggling to stay above the key psychological level of $180. Despite this, newly launched ETFs tracking Solana have attracted strong demand, with over $199 million in inflows in the first week of trading.
Solana ETFs Attract Strong Demand
Products offered by issuers such as Bitwise and Grayscale have already amassed net assets of more than $500 million since their launch. This enthusiasm for the funds has not been reflected in price strength, however, as Solana continues to face selling pressure amid macroeconomic volatility. For now, the token’s short-term prospects continue to depend on overall market sentiment. Continued inflows into its ETFs suggest growing confidence in its long-term prospects, but until market conditions stabilize, this optimism will be largely hidden behind near-term price weakness.
Solana Price Analysis
Prior to the broader market sell-off, Solana had already been in a downtrend since mid-September, struggling to set new highs while making lower lows. The asset is now approaching a solid support zone near $175, a level that has been reliably held since early August. This zone has repeatedly attracted strong buying interest, suggesting that demand remains healthy even as prices decline.
Solana price chart | Source: TradingView
If bulls intervene again to defend the $175 mark and absorb the ongoing selling pressure, SOL could stabilize at this level and attempt to break its current downtrend by reclaiming the $200 mark. A breakout above this point would likely restore short-term bullish sentiment. However, if it fails to stay above $175, a bearish picture emerges. Loss of this support could trigger a quick decline towards $157 and possibly even to $142, where Solana bottomed during the market-wide crash on October 10.
Downside risk could be mitigated if market sentiment improves, capital flows back into cryptocurrencies, and institutional demand via Solana’s ETF products continues. However, the technical structure remains fragile for now, and the near-term outlook is still bearish until a clearer trend reversal emerges. For more information, visit https://crypto.news/solana-price-sinks-below-180-despite-199m-weekly-etf-inflows/
