Solana Price Drops on Selloffs, ETF Outflows Reach 10-Day
Solana (SOL) price is down 2.05% to $102.06 in 24 hours, underperforming a slightly weaker broader market, primarily driven by persistent institutional selling via spot ETFs.
SOL price retreated over ten consecutive days of Solana ETF outflows, including a $12.67 million withdrawal on Friday, signalling sustained institutional retreat from higher-beta assets.
Crypto analysts said U.S. spot Solana ETFs recorded their tenth straight day of net outflows on October 16, with a $12.67 million withdrawal entirely from Bitwise’s BSOL product.
This extended streak reflects deepening institutional caution toward higher-risk altcoins amid a risk-off shift in the broader crypto market.
Sustained ETF selling creates consistent overhead supply pressure, making it difficult for SOL to rally until this flow reverses.
The total crypto market capitalisation fell 1.17%, with Bitcoin down 0.84%. Solana’s sharper decline indicates it is underperforming market beta.
Concurrently, Solana’s open interest (OI) fell 4.25% to $929.5 million—the steepest drop among major assets—suggesting a reduction in leveraged speculative positions.
The move was amplified by traders closing leveraged long positions, adding downward momentum to the bearish ETF narrative.
SOL is testing a critical support zone near $100, having broken below its 7-day and 30-day simple moving averages. The immediate trend is bearish.
A hold above $100 could lead to consolidation between $100 and the 38.2% Fibonacci retracement level near $104.52. The key trigger for a reversal will be a halt to the ETF outflow streak.
The price action is currently driven by sentiment and flows rather than network fundamentals, which remain strong (e.g., Q3 app revenue up 48%). A daily close below $100, which could trigger further stop-loss selling toward the next support near $97.
The combination of persistent institutional selling and a risk-off tilt across crypto is weighing heavily on SOL in the short term, overshadowing positive on-chain metrics.
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