Solana’s latest breakdown has put its recovery prospects under pressure, with SOL losing a key support zone as selling activity intensifies. The pressure is extending beyond price action, as a wallet linked to token creators has moved nearly 300,000 SOL worth $26 million to Binance and OKX within 16 hours. With buyers struggling to regain control, is Solana heading toward $70, or can demand absorb the growing selling pressure?
$26 Million in SOL Moves to Binance and OKX
On-chain data flagged a wallet identified as 2MdNva, which accumulated SOL from multiple token creator wallets before transferring the tokens to centralized exchanges. Over a 16-hour period, the wallet deposited approximately 299,838 SOL, worth $26 million, into Binance and OKX.
The transfers have raised concerns about potential profit-taking among early token creators. Deposits to centralized exchanges can increase the amount of SOL available for selling, although they do not confirm that the entire amount has been sold. If these deposits translate into actual selling, additional supply could make it harder for buyers to establish a recovery.
Solana Price Analysis: SOL Breaks Below Major Support
Solana’s price action shows a bearish structure, with lower highs and lower lows forming since its recent peak near $130. SOL has broken below the important $94–$98 support zone, which previously acted as a demand area. The latest drop places the token near $84.50, bringing the $80–$85 region into focus as the next important support area.
A sustained breakdown below $80 could expose the next major support near $67–$70. On the upside, SOL needs to reclaim $94–$98 to improve its short-term structure. A stronger recovery could then bring the $110 region into focus.
Solana ETF Outflows Extend as Institutional Demand Weakens
Selling pressure has also reached U.S. spot Solana ETFs, which recorded approximately $26.25 million in net outflows between November 2 and November 6. The withdrawals were concentrated on November 6, when the funds registered roughly $25.1 million in redemptions. Bitwise’s BSOL accounted for $14.4 million of that day’s outflows, while Grayscale’s GSOL saw another $5.4 million leave.
The pressure continued into November 9, with preliminary data showing another $10.6 million in net outflows across reporting funds. Bitwise led the withdrawals with $5.9 million, followed by 21Shares’ TSOL at $3 million. The latest figures indicate that investors continued reducing their exposure to Solana-linked investment products rather than returning as buyers during the price decline.
Despite the recent withdrawals, cumulative net inflows across U.S. spot Solana ETFs remained positive at approximately $1.43 billion, with total assets near $1.25 billion in the November 9 data. However, persistent redemptions could become another headwind for SOL if institutional demand fails to recover. Combined with large exchange deposits and a weakening technical structure, the ETF trend adds to the challenges facing Solana bulls.
Is $70 the Next Target?
Solana’s near-term outlook remains bearish as its technical breakdown coincides with large exchange transfers and weakening institutional demand. Holding above $80 could allow SOL to consolidate and attempt a relief rebound. However, a decisive breakdown below this area could expose the $67–$70 region, particularly if token creators continue moving holdings to exchanges.
A meaningful recovery would require stronger spot demand, improving ETF flows and a sustained move above the broken support zone. Without these improvements, short-term rebounds may struggle to reverse the broader downtrend.
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