From Coinpedia · By Shubham Vishwakarma
Story HighlightsSolana price faces continued selling pressure as a large whale deposits 1.49 million SOL worth nearly $148.77 million into exchanges.
Spot Solana ETFs record approximately $71.47 million in weekly outflows, signalling weaker institutional demand.
SOL trades below key moving averages, with $88 emerging as an important support level.
Solana price is struggling to reclaim the $100 mark as selling pressure continues to weigh on the cryptocurrency. Large whale transfers to exchanges, persistent withdrawals from spot Solana ETFs and weakening technical momentum are creating a challenging environment for buyers. The token has also extended its losing streak, raising concerns about whether the current correction could deepen.
Advertisement Three factors are putting pressure on SOL and could determine whether it manages to recover or faces another leg lower.
$149 Million Whale Deposits Raise Solana Selling Concerns
Large-scale whale activity is one of the latest concerns for Solana investors. On-chain data shared by Lookonchain shows that an unidentified whale deposited approximately 1.49 million SOL, worth around $148.77 million, into multiple cryptocurrency exchanges over the past 10 days.
The transfers involved several major platforms, including Binance, Coinbase, OKX, Kraken, Bybit and Bitstamp. Moving such a large amount of SOL to exchanges has raised concerns about potential selling pressure, particularly as the token struggles to hold above $100.
The activity follows an earlier update on October 29, when the same whale was reported to have deposited approximately 1.02 million SOL worth $104.3 million over five days. The latest figures suggest that the transfers have continued.
Solana ETF Outflows Signal Weakening Institutional Demand
Institutional investment flows are providing another challenge for Solana. US-listed spot Solana ETFs recorded approximately $71.47 million in net outflows last week, marking their largest weekly withdrawals since launch.
The withdrawals also extended the fund category’s outflow streak to four consecutive weeks, indicating that institutional investors have become more cautious toward SOL.
ETF flows are closely watched because they offer insight into demand from traditional market participants. Sustained outflows can weaken the demand supporting an asset, particularly when broader market conditions are already negative. A return to consistent inflows could help stabilize sentiment, but continued withdrawals may leave the token vulnerable to further selling.
Solana Price Breaks Below Key Moving Averages
Solana’s price structure has also weakened after its recent decline. The daily chart shows SOL falling from its earlier highs and returning to an important support region after failing to sustain its recovery. The token is trading below its 50-day EMA near $103.81, 100-day EMA around $99.96 and 200-day EMA near $98.08. These moving averages now form an overhead resistance zone, making a sustained move above $100 increasingly important for buyers.