Spot Solana exchange-traded funds (ETFs) have continued to attract capital despite SOL’s steep price drawdown. Since launch, the products have accumulated $476 million in total net inflows, with the streak extending 17 consecutive days, even as Solana’s price plunged nearly 30% from $186 to $130.
Key takeaways include that spot SOL ETFs have posted 17 straight days of inflows, with Bitwise’s BSOL representing 89% of the total value. Additionally, futures data has underscored the building of selling pressure near the $140 resistance zone, which could send SOL to a retest of $120.
Spot SOL ETF Continues to Draw Investor Interest
Since its debut, Bitwise’s BSOL ETF has accounted for $424 million, representing 89% of all cumulative inflows, underscoring the fund’s dominance in driving demand.
On November 19, BSOL recorded $35 million in fresh net flows, its third-largest daily intake and the biggest since November 3. ETF analyst Eric Balchunas also highlighted the debut of the 21Shares Solana ETF, which launched the same day with $100 million assets under management (AUM).
According to Balchunas, spot SOL ETFs as a group have now taken in $2 billion, managing to attract inflows “basically every day” despite the market’s current “extreme fear.”
The 21Shares Solana ETF launched amid a price crash, but flows signal continued investor interest.
SOL Continues to Struggle as Selling Pressure Intensifies
Solana briefly outperformed Bitcoin, Ether, and XRP on November 20, printing a higher-high and higher-low structure on the one-hour and four-hour charts. However, its rally was quickly capped by heavy resistance at the 50-EMA, which rejected the price back toward $132.
Futures data painted a cautionary picture. Aggregated open interest (OI) remained flat to slightly declining during SOL’s move from $130 to $140, suggesting the rally lacked fresh long participation. However, OI spiked once price began consolidating near $140, indicating new positions, likely short-leaning, were building into resistance.
At the same time, futures cumulative volume-delta (CVD) fell sharply during the correction, while spot CVD trended lower all day, signaling consistent net selling from both derivatives traders and spot holders.
Meanwhile, funding rates stayed elevated even after SOL dropped back to $130, implying leveraged longs remain crowded and vulnerable to further downside.
The data suggested that without a swift reclaim of $140, bullish momentum could subside easily. The next key downside target sits at $120, where liquidity and prior demand from a daily order block converge. A decisive bounce above $140 would invalidate the bearish setup, but until then, sellers remain firmly in control.
21Shares has listed six more crypto ETPs in Europe, including Aave and Cardano.