Despite the recovery signals seen in the cryptocurrency markets in recent days, Solana (SOL) could not manage to rise above the $ 140 level permanently. With broad market weakness, SOL price fell below $140 to a low of $137. Although there was a re-inflow of money into Solana exchange-traded funds (ETF) in the same period, the expected recovery on the price side did not occur. This reveals that the market’s overall risk appetite is still fragile while institutional investors are accumulating at low levels.
ETFs’ Three-Week Breakout Streak Ends
A total of millions of dollars of inflow into Solana ETFs on November 28 ended the three-week uninterrupted outflow period. The strongest entry of the day came from Grayscale’s GSOL fund with $4.33 million. Fidelity’s FSOL fund followed with $2.42 million in inflows. In contrast, 21Shares’ TSOL fund gave back some of its gains, experiencing an outflow of $1.38 million. No money movement was recorded in Bitwise’s BSOL, VanEck’s VSOL and Canary’s SOLC funds.
Looking at the total numbers, cumulative net inflow across all Solana ETFs as of November 28 reached $618.59 million. The total managed asset size is at 888.25 million dollars. The transaction volume on the same day was measured as 30.01 million dollars. The last exit in November was on November 26 with $8.10 million. In the two days before that, strong inflows to ETFs were recorded at $53.08 million and $57.99 million, respectively.
When we look at the overall month of November, it can be seen that most of the fund movements were dominated by a few players. Grayscale’s GSOL fund has seen total net inflows of $77.83 million to date. Bitwise’s BSOL fund is by far the leader among Solana ETFs with a total inflow of $527.79 million. The Fidelity FSOL fund’s cumulative assets stand at $32.30 million, while 21Shares TSOL has experienced net outflows of $27.60 million since launch. VanEck and Canary are in the market with more limited asset sizes.
Price Pressure Continues, Technical Outlook Weak
Despite the recovery on the ETF side, the Solana price lost 2 percent in the last 24 hours and nearly 30 percent in the last 30 days. Although SOL tested $143 during the day, it could not maintain this level and fell back to the $137 region. When we look at the last seven days of data, a limited recovery of 8 percent is noteworthy. However, according to analysts, this increase is not strong enough to reverse the monthly downward trend.
The failure to exceed the $140 level despite capital inflow to ETFs also reveals the disconnect between corporate purchases and the market price. This suggests that institutional investors are collecting positions at low prices in a long-term perspective, while individual investors are still cautious.
On the other hand, a different development regarding the Solana ecosystem is being closely monitored in the market. Recently, it has been reported that there has been an increase in the total locked value (TVL) in some Solana-based decentralized finance projects. This increase reveals that the technical use of the network has not weakened completely, but macro conditions are more decisive on the price side. Bitcoin 
$90,846.46 and Ethereum 
$3,036.85It is stated that the fluctuation seen in has also increased the pressure on Solana.
