Solana ETFs show strength, but SOL price lost its yearly uptrend: Is $120 next?
Despite strong initial inflows into Solana ETFs, the SOL price has broken its yearly uptrend, potentially targeting $120.Summary
Spot Solana (SOL) ETFs have launched strongly, attracting over $400 million in global weekly net inflows, with Bitwise's BSOL ETF leading significantly, accumulating $401 million in AUM by October 31st. This institutional demand suggests a potential 34% price increase for SOL with a $1 billion net inflow, based on Bitwise's estimates.
However, the SOL price experienced a sharp bearish reversal, falling over 16% to $148.11 and breaking its 211-day uptrend that started in April. The price is currently testing a critical daily order block between $170 and $156 and has fallen below key Exponential Moving Averages (EMAs).
If buyers fail to defend the $155 support level, the next downside target could be the $120–$100 range, signaling a deeper correction, although a short-term rebound is possible if the $155 zone holds.
(Source：Cointelegraph)