Solana News Today: Institutional Buying Boosts Solana ETFs as Price Dips Toward $144 Support

Solana (SOL) is navigating a complex market environment as institutional investors continue to accumulate the asset despite a prolonged price correction. Over the past 11 days, Solana ETFs have seen uninterrupted inflows, totaling $351 million as of November 12, according to data from SoSoValue. This buying momentum contrasts with the token's price action, which has fallen nearly 20% since its October 28 peak, currently trading around $155. Analysts are divided on whether this institutional confidence signals a potential rebound toward $300 or if the bearish technical structure will force further declines.

The ETF inflows highlight growing institutional conviction in Solana's ecosystem, which includes robust DeFi activity, liquid staking protocols, and rising NFT trading volumes according to price analysis. Bitwise's BSOL and Grayscale's GSOL funds have led the charge, with $18 million added on November 12 alone. Meanwhile, Bitcoin and Ethereum ETFs have posted outflows, underscoring a shift in investor appetite toward altcoins like Solana as per recent data. However, this optimism clashes with on-chain indicators. The Relative Strength Index (RSI) hovers near 37, and the MACD remains below zero, suggesting continued bearish pressure.

Technical analysts warn of a potential breakdown below $144, a critical support level that has held for three consecutive sessions. If this level fails, the price could retest $120 by November and potentially drop to $80 by December according to market analysis. This scenario aligns with the breakdown of an ascending wedge pattern observed in early November, which pushed the price from $180 to $144. Conversely, bullish narratives point to the $162–$173 resistance zone as a key battleground. A sustained breakout above $173 could reignite momentum toward $220, a threshold many view as the next phase of Solana's market leadership according to price prediction models.

The divergence between ETF inflows and price performance has sparked debate among market participants. While institutions appear to be "buying the dip," retail traders are booking profits, exacerbating short-term volatility. The New York Stock Exchange's recent launch of options trading for Solana ETFs ($GSOL and $BSOL) adds another layer of complexity, offering institutional investors risk management tools previously unavailable in the crypto space according to market reports.

Derivatives data shows mixed signals. Open Interest remains stable at $3.4 billion, with funding rates averaging -0.0009, indicating a slight bearish bias. This suggests that while spot demand is strong, speculative futures activity has yet to drive a significant price surge.

The path forward hinges on whether Solana's ecosystem can sustain its institutional appeal amid broader market uncertainty. With over $3.2 billion in year-to-date institutional inflows and a thriving DeFi landscape, the network's fundamentals remain resilient. Yet, without a decisive break above $173 or a successful defense of $144, the $300 target outlined by some analysts remains a distant possibility.