Solana News Today: Record ETF Inflows Can't Stem Solana's Price Slide Amid Macro Pressures

Solana (SOL) faces a critical juncture as its price tests the $190 support level, with traders closely watching for confirmation of a potential upward reversal. The cryptocurrency's recent volatility comes amid a surge in institutional interest driven by the launch of the first U.S. spot Solana exchange-traded products (ETPs), which have injected fresh capital into the ecosystem. However, conflicting signals from on-chain activity and macroeconomic factors have created a complex landscape for investors.

The Bitwise Solana Staking ETF (BSOL) dominated headlines after debuting on the New York Stock Exchange on October 28 with a record $56 million in first-day trading volume, the largest opening for any 2025 ETF, according to a CryptoNewsZ report. The fund, which stakes 100% of its assets on-chain through Helius Technologies, attracted $220 million in seed capital and temporarily waived management fees to 0% for the first three months, per a Morningstar article. Bitwise CEO Hunter Horsley emphasized the product's dual appeal of growth potential and staking rewards, with the fund's low-cost structure (0.20% annual fee) drawing comparisons to competitors like Grayscale's Solana Trust, which charges 2.50%, as noted by Yahoo Finance.

Despite the ETF's strong start, Solana's price dipped 2.48% to $193.74 by October 28, pressured by broader market dynamics. Bitcoin's proximity to $116,000 created overhead supply concerns, while a large on-chain transfer by Jump Crypto — moving 1.1 million SOL to Galaxy Digital — sparked speculation of a shift from SOL to BTC, according to a CoinDesk report. This activity coincided with an 8% drop in Solana's price by October 30, erasing all year-to-date gains and trading below $180 for the first time in months, as CoinDesk reported.

Technical analysts remain split. A daily chart analysis shows Solana rebounding from a rising channel support line since April 2025, with bulls eyeing a potential 22% rally to $237 if the $190 level holds, per the CryptoNewsZ report. MartyParty, a prominent crypto trader, highlighted a double-bottom reversal pattern on the one-hour chart, suggesting a path toward $252 if the price breaks above $210. Conversely, a failure to defend $180 could trigger a retest of the $170 support base, according to a Yahoo Finance note.

The ETF frenzy has also coincided with broader ecosystem developments. Western Union announced plans to launch its USDPT stablecoin on Solana in 2026, leveraging the blockchain's low fees and scalability to enhance cross-border payments, according to a Coinpaper report. Meanwhile, institutional demand for Solana-based products continues to grow, with five additional spot ETFs awaiting SEC approval, per a CoinPedia article. Bitwise CIO Matt Hougan called the ETF's success a "watershed moment," comparing Solana's trajectory to Bitcoin's early adoption curve in a Crypto.News piece.

Market sentiment remains cautiously optimistic. While the Grayscale Solana Trust (GSOL) saw modest inflows of $1.4 million, Bitwise's BSOL attracted $343.78 million in assets under management by October 30, reflecting strong retail and institutional participation, as Crypto.News reported. However, the mixed performance underscores the challenges of balancing speculative trading with long-term value creation in a market still grappling with regulatory uncertainty and macroeconomic headwinds.

As traders await clarity on the $190 support level, the coming weeks will test Solana's resilience. A sustained break above $210 could validate bullish technical setups, while a prolonged consolidation below $180 may delay the cryptocurrency's recovery. For now, the interplay between ETF-driven demand, on-chain activity, and macroeconomic factors will remain pivotal in shaping Solana's next move.