Solana’s native token SOL slipped below the psychologically important $90 level on Wednesday, hitting an intraday low of $89.73 before reclaiming ground to trade near $92.91. The decline extends a broader pullback of roughly 25% from a late-September high around $124 and has brought the price back to an ascending trendline that has supported SOL since June, when it bottomed near $60.
Momentum signals reflect persistent selling pressure. The daily relative strength index registered 29.50, just under the 30 threshold often considered oversold, while the MACD line remained below its signal line with a negative histogram. Analyst Jesse Olson noted a pending daily reversal candle and oversold conditions but said there was no confirmation yet and his lower target remained intact.
Institutional flows have also weakened. U.S.-listed spot Solana ETFs recorded approximately $10.8 million in net outflows on October 30, following $27.7 million the previous day. Over the five sessions from October 26 through October 30, total withdrawals reached about $71.6 million, with Bitwise’s BSOL accounting for $9.3 million of the October 30 outflow. Cumulative ETF inflows since launch remain positive, though reporting for November 3 was incomplete.
Despite price weakness, Solana network activity remains elevated. DefiLlama data showed about 97.8 million transactions and 2.78 million active addresses over 24 hours, with decentralized exchange volume near $1.78 billion and total value locked near $5.38 billion. However, seven-day DEX volume fell about 15%, and stablecoin market capitalization on Solana dropped 5.63% to $14.63 billion.
On the chart, resistance sits between $95 and $98, with $100 as a key psychological level and additional supply near $110 to $115. A daily close below the trendline could open the way toward $85, followed by a demand zone between $75 and $82 and potentially the June low near $60. A bullish MACD crossover or an RSI recovery above 40 would be early signs that selling pressure is easing, but neither has appeared yet.
Ecosystem developments continue: Samsung announced plans to add USDC transfers on Solana to Samsung Wallet, targeting roughly 82 million Galaxy devices in the United States, while Solana introduced delivery-versus-payment infrastructure for settling tokenized financial assets between institutions.
