Solana News Today: Solana ETFs Attract $370M Inflows as Token Slides Toward $100 Support

VanEck's recent regulatory filing has positioned the asset manager as a pivotal player in the race to bring a Solana (SOL) spot ETF to U.S. markets. The firm submitted a Form 8-A to the Securities and Exchange Commission (SEC) on November 13, 2025, signaling that its proposed Solana ETF is nearing final approval stages. This move follows a broader industry push to expand crypto-asset exposure beyond Bitcoin and Ethereum, with VanEck's ETF set to directly hold SOL tokens and track the MarketVector Solana Benchmark Rate. The filing also hints at potential staking of SOL holdings, subject to regulatory and tax considerations, a feature that could attract yield-focused investors.

Meanwhile, rival firm Canary Capital Group has paused new Solana ETF filings, opting to wait for regulatory clarity on a potential "19b-4" approval process, a more rigorous route for ETF authorization. Canary's existing XRP spot ETF, launched earlier this month, has already seen $58 million in trading volume, outpacing some of its Solana counterparts. The firm's CEO, McClurg, argues that XRP's familiarity with traditional finance gives it an edge over Solana, which remains deeply tied to crypto-native ecosystems.

Despite growing institutional interest, Solana's native token has struggled with price volatility. As of November 14, SOL traded near a five-month low of $142, having broken key technical support levels and a multi-year uptrend. While Solana ETFs recorded $370 million in cumulative inflows, the most recent weekly data showed a sharp decline, with net inflows dropping to $1.49 million-raising concerns about waning demand. The price weakness has been exacerbated by broader market trends, including a selloff in Bitcoin below $100,000 and $1.4 billion in net outflows from U.S. ether ETFs.

Market analysts point to a fragile technical outlook for SOL. Glassnode data indicates that the token is testing a critical support level around $140, with limited buyer defense below that threshold. Additionally, the UTXO realized price distribution suggests few holders are willing to absorb further declines, increasing the risk of a drop toward $100. This contrasts with bullish institutional flows reported by CoinShares, which noted $118 million in Solana inflows last week-driven by new U.S. spot ETFs with staking features.

The divergence between ETF inflows and price action highlights the challenges facing the asset class. While VanEck's filing and staking capabilities may bolster long-term demand, short-term sentiment remains bearish. Open interest in SOL futures has fallen 3.34% in a single day, and the OI-weighted funding rate turned negative, reflecting traders' willingness to hold short positions.

Institutional adoption of Solana is not limited to ETFs. Sharps Technology reported optimized returns from its Solana ecosystem holdings in its Q3 earnings, underscoring the blockchain's growing appeal as a treasury asset. Meanwhile, VanEck's impending ETF could further normalize institutional exposure, though regulatory hurdles and market volatility remain significant risks.

As the SEC continues to navigate crypto-ETF approvals, the coming weeks will be critical for Solana. A successful launch could catalyze renewed investor confidence, but the path to $100 remains a looming threat amid broader market uncertainty.

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