Solana News Today: Solana ETFs Surge to $476M Inflows Amid Price-Metrics Divergence

Solana ETFs have surged to record inflows over the past 10 days, with cumulative net inflows reaching $476 million as of November 19, according to SoSoValue data. The momentum underscores growing institutional and retail interest in the altcoin, even as its price remains below key technical levels. Bitwise's BSOL ETF led the charge, securing $36 million in inflows on November 19 alone, while Grayscale's GSOL and Fidelity's FSOL added $13 million and $5 million, respectively according to the same data. These figures mark the longest consecutive inflow streak for Solana ETFs since their October 28 debut, contrasting sharply with Ethereum's spot ETFs, which saw $1.2 billion in outflows during the same period as reported by Sherwood News.

The ETF-driven optimism is tempered by mixed signals in Solana's on-chain metrics. While inflows suggest demand, open interest in Solana futures has declined to $7.2 billion as of November 20, down from a $10 billion peak in mid-October. This dip reflects waning speculative activity, with traders avoiding long positions ahead of potential price corrections. CoinGlass data highlights that OI remains far below its September 19 record of $17 billion, raising concerns about the sustainability of a near-term rebound.

Technical analysis paints a cautiously bullish picture. Solana's price hovered near $141 on November 20, above its 50-day and 200-day exponential moving averages (EMAs) of $173 and $180, respectively. The Moving Average Convergence Divergence (MACD) indicator showed signs of improving, hinting at fading bearish pressure. However, the Relative Strength Index (RSI) at 38 suggests subdued momentum, and a break above $160 would be needed to reclaim the 100-day EMA at $182. Analysts warn that failure to breach this level could prolong the downtrend, with critical support near $125 at risk.

Technical chart of Solana (SOL) showing price hovering near $141 and key moving averages, with the MACD and RSI indicators displayed in a trading view layout. The chart includes annotations for the 50-day EMA, 100-day EMA, and 200-day EMA levels.

Backtest the impact of buying Solana with MACD Golden Cross, from 2022 to now.

The ETF landscape for Solana is expanding rapidly. Fidelity's FSOL ETF recorded $2.1 million in inflows on its first trading day, November 18, while 21Shares launched a $100 million Solana ETF on the same day according to Cointelegraph. Bitwise's BSOL continues to dominate, accounting for 89% of cumulative inflows at $424 million as reported by Cointelegraph. By comparison, VanEck's VSOL ETF struggled to attract capital, highlighting Bitwise's leadership in the nascent market.

Market observers remain divided on Solana's trajectory. Simon Dedic, CEO of Moonrock Capital, noted that Solana ETFs represent a smaller portion of the token's supply compared to Ethereum, limiting their immediate impact. Meanwhile, Tom Lee of BitMine Immersion Technologies warned of lingering market maker fragility, citing a "quantitative tightening" effect akin to traditional finance's QT policies.

Visual representation of the price trend for the following tickers: BSOL, GSOL, FSOL.

As the ETF-driven narrative gains traction, investors are closely monitoring whether inflows will translate to price action. With Solana's price structure showing signs of consolidation, the coming weeks could determine whether the altcoin reclaims its $180 EMA or faces a deeper correction toward $120.