Solana extended its decline on Thursday, approaching the psychologically important $100 level as persistent ETF withdrawals and weak technical momentum weighed on the cryptocurrency.
SOL traded around $101.82 at the time of the report, after a roughly 2% retreat on Wednesday following resistance near its 50-day Exponential Moving Average at $107.13.
The latest bearish performance follows a double-top reversal around $122 in early October. Solana has now lost more than 13% this month, leaving buyers under pressure to defend nearby support.
Despite the price decline, activity in Solana’s tokenized equity market continues to expand. That growth offers a positive signal for network adoption, although it has yet to offset the immediate pressure on SOL.
Solana ETFs record eight consecutive days of outflows
Solana-focused exchange-traded funds continued to face investor redemptions, extending their outflow streak to eight consecutive trading days.
According to CoinGlass data, the funds registered $1.30 million in net outflows on Wednesday. The latest withdrawals followed $24.81 million in outflows last week.
The sustained outflows suggest subdued demand through these investment products, removing a potential source of support as SOL approaches $100.
ETF flows represent one part of the broader Solana market. Nevertheless, a return to consistent inflows would offer evidence that demand through regulated investment vehicles is recovering.
While ETF demand weakened, Solana’s tokenized equity segment continued to grow. Blockworks data showed that tokenized equity supply on the network reached nearly $611 million on Tuesday, distributed across approximately 1.42 million holders.
The figures highlight Solana’s expanding role as infrastructure for blockchain-based exposure to traditional financial assets.
However, growth in tokenized equity supply does not translate directly into equivalent buying demand for SOL.
The contrast between expanding tokenized assets and falling token prices shows how network adoption and short-term market performance can move in different directions.
For now, the increase provides a constructive development for the ecosystem while broader selling pressure continues to dominate SOL’s price action.
Solana’s technical indicators point to further downside risk
Solana’s daily chart remains bearish after the early-October double-top reversal and subsequent drop below the 50-day EMA.
The Moving Average Convergence Divergence indicator remains beneath both its signal line and the zero line, pointing to negative momentum.
Meanwhile, the Relative Strength Index stands near 35. That reading suggests sellers retain control, although it remains above the conventional oversold threshold of 30.
SOL continues to trade above its 200-day EMA at $97.95. Holding this longer-term average would preserve an important support level and leave room for the decline to remain a correction within the broader uptrend described in the source analysis.
A decisive break beneath it would weaken that interpretation and increase the risk of a deeper pullback.
The $100 mark is the immediate psychological level in focus, followed by more significant technical support at the 200-day EMA around $97.95.
A clear break below $97.95 could bring the May 17 high near $83.50 into view as a potential downside reference. Such a move would depend on sellers sustaining the breakdown.
On the upside, the first major hurdle is the 50-day EMA at $107.13, where the latest recovery attempt stalled.
A sustained move above that level would help ease near-term selling pressure and improve the prospect of a broader rebound. Beyond it, the September 25 high at $122.94 represents a more distant resistance level.
With ETF withdrawals continuing and momentum indicators still weak, Solana’s immediate outlook rests on whether buyers can defend the $100–$97.95 area.
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