Key Insights
- •Solana price dropped over 6% in 24 hours to $175 from $188 high.
- •SOL spot ETFs recorded $199.21 million in weekly inflows ending October 31.
- •Analyst Ali states Solana must reclaim $200 to confirm strength for rally.
Solana price declined over 6% in the last 24 hours to $175, retreating from a daily high of $188. The downturn occurred even as SOL spot ETFs recorded $199.21 million in weekly net inflows for the period ending October 31, 2025.
Solana Price Faces Key Resistance at $200 Level
Renowned crypto market analyst Ali Martinez noted that Solana price needs to reclaim the $200 level to confirm strength.
The analyst stated, “Solana $SOL needs to reclaim $200 to confirm strength. Only then a rebound to $260 comes into play.”
The $200 level is both a psychological barrier and a technical resistance level. SOL price previously traded above this price point but failed to maintain support.
Reclaiming $200 would cause a surge in buying pressure and potentially cause a rally toward $260.
Current price action shows Solana price was trading at $175, meaning the token must gain roughly 14% to reach the $200 resistance level.
Whale Insider reported that trader 0xc2a3, previously known for a perfect 100% win rate, now faces over $21.7 million in unrealized losses across BTC, ETH, SOL, and HYPE long positions.
The trader’s total portfolio has fallen from over $33 million profit to a $5.8 million loss as markets declined.
Traders who anticipated continued upside based on Solana ETF launches have been caught wrong-footed by the price decline.
Solana ETF Launches to Provide Regulatory Clarity
The SEC’s path to approving the Solana ETF involved a structured regulatory approach. In June 2025, the US SEC requested that prospective issuers submit amended S-1 forms within one week.
The agency also provided comments on filings within 30 days and asked issuers to address language around in-kind redemptions and staking mechanisms.
Following the SEC’s approval of generic listing standards for crypto ETPs, the regulatory pathway sped up.
By late September 2025, the SEC had optimized approval standards for crypto ETFs, removing the need for individual reviews of products meeting predefined criteria.
A major move was set when the REX-Osprey Solana ETF (ticker: SSK) launched on July 2, 2025, becoming the first spot Solana ETF in the U.S.
This fund gained automatic approval under the Investment Company Act of 1940 and required no affirmative SEC approval.
Bitwise Launches First Exchange-Traded Solana Staking ETF
The most notable approval came when Bitwise Asset Management launched the Bitwise Solana Staking ETF on October 28, 2025, on the New York Stock Exchange.
This was the first exchange-traded product offering direct exposure to spot Solana price in the U.S. through traditional market channels.
The product trades under the ticker BSOL and provides investors with access to SOL exposure.
The Bitwise product also includes a staking functionality. Investors gain exposure to both Solana price appreciation and staking rewards generated by the underlying holdings.
The October 28 launch coincided with the strongest daily inflows of the week at $69.45 million. The timing suggests notable pent-up demand for regulated Solana exposure through traditional brokerage accounts.
Weekly Inflows Exceed $199 Million Despite Solana Price Dip
The $199.21 million in cumulative weekly inflows for the Solana ETF shows strong institutional demand. Total value traded reached $254.94 million for the week ending October 31, SoSoValue data showed.
Total net assets for Solana ETFs reached $502.04 million as of October 31. Daily inflow data shows $44.48 million on October 31, $37.33 million on October 30, $47.94 million on October 29, and $69.45 million on October 28.
Strong inflows should theoretically support the Solana price, as ETF issuers purchase underlying SOL to back shares.
However, the overall bearish market has also affected SOL price, as the global crypto market cap plunged over 3% in 24 hours.