- US spot Solana ETFs have registered over $350 million in net inflows across eleven straight days
- Scheduled token unlocks tied to the Alameda Research/FTX bankruptcy estate are injecting approximately 193,000 SOL (around $30 million) into exchanges
- DEX daily trading volumes on Solana recently exceeded $5 billion, surpassing Ethereum and BNB Chain
Solana (SOL) is caught in a technical tug-of-war, with its price pinned near $155 as two powerful and opposing market forces collide. On the one hand, institutional demand looks strong, as US spot Solana ETFs have registered over $350 million in net inflows across 11 straight days, with a single-day inflow of nearly $8 million on November 11.
On the other hand, scheduled token unlocks tied to the Alameda Research/FTX bankruptcy estate are injecting approximately 193,000 SOL (around $30 million) into exchanges as of two days ago. This is part of a regular, court-ordered monthly process, where the failed FTX and Alameda companies began gaining access to their locked-up SOL, and the amounts have been getting larger over time.
Related: Yakovenko Says Solana Now Processes In A Month What Ethereum Has Done In Its Lifetime
Since November 2023, the estate has unstaked between 8 and 9 million SOL (totaling approximately $1 billion liquidated), with approximately 5 million SOL still locked and scheduled for release through 2028.
This supply pressure may be one reason why SOL’s price remains near $155 (currently at $156.66, roughly a 1.77% drop in the last 24 hours), despite the positive flow data.
Beyond flows and unlocks, Solana’s on-chain fundamentals show resilience. DeFi TVL is steady, developer activity remains high, and the network is gaining traction for projects targeting high-throughput use cases.
Still, technical levels are under threat, with support near $150 being watched closely. If the price falls and holds below that, some fear it could drop toward $100 or even lower.
Solana’s explosive DEX volume
In addition to the above, Solana has been headlining the crypto news recently. For instance, Bitwise introduced the inaugural US spot Solana ETF (BSOL.P) on October 28, utilizing a regulatory framework that bypassed the need for direct SEC endorsement. The fund accumulated approximately $420 million in assets under management within its initial week of trading.
Also, Figure Technologies is teaming up with Solana to bring its regulated stablecoin $YLDS into Solana’s DeFi ecosystem.
Furthermore, DEX daily trading volumes on Solana recently exceeded $5 billion, surpassing Ethereum and BNB Chain. Interestingly, Anatoly Yakovenko (co-founder of Solana Labs) said that in a single month, Solana does as many transactions as Ethereum did in its lifetime.
However, the number of daily active addresses on the Solana network has declined to about 3.3 million, representing its lowest point in twelve months.
Related: Solana Price Prediction. Buyers Defend $150 As Network Activity Surges And Outflows Ease
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