Solana Remains Below $100 After ETF Outflows

On November 4, 2026, Solana (SOL) was trading around $93, having lost nearly 9% over the week. The cryptocurrency remained below the psychological mark of $100, and derivatives market data indicated a reduction in open positions. Meanwhile, payment activity on the Solana network continued to grow.

Key Levels for SOL

In TMGM's analysis from November 3, the nearest support is located around $89.27. Losing this level could increase pressure on the price and shift focus to $87.21. The more distant level of $70.58 is considered only if the situation further deteriorates, not as an inevitable target.

Above, analysts highlight resistance around $95.82, then the area of $99.88–103.20, where at the time of analysis, the 200-day and 50-day exponential moving averages were passing. The daily Relative Strength Index RSI fell below 30, into the oversold zone. However, such a signal alone does not guarantee a recovery.

Outflows from Funds and Declining Interest in Futures

According to SoSoValue, during the week from October 26 to 30, American spot Solana ETFs recorded about $71.47 million in net outflows. This was the largest negative weekly result in the history of these products at that time. The outflow means that redemptions exceeded inflows, but it does not allow for establishing a single reason for the price drop.

As of November 4, the open interest in SOL futures was approximately $5.7 billion, according to CoinGlass. The reduction in this indicator may reflect the closing of positions and a decrease in leverage usage, but it does not show by itself who predominates – buyers or sellers.

Additional market attention was focused on assets stolen during the Binance hack on October 29. The exchange confirmed the unauthorized transfer of about 970,500 SOL. Later, analysts tracked the exchange of part of these tokens for Bitcoin. The exact contribution of such operations to SOL's dynamics cannot be assessed.

Payments in the Network Continue to Grow

According to Paymentscan, in October, the volume of card spending using stablecoins on Solana reached about $141 million compared to $19.7 million a year earlier. The number of addresses holding stablecoins exceeded 14 million by the beginning of October.

These indicators characterize the development of payment infrastructure but do not mean that the number of users equals the number of addresses or that increased activity will necessarily lead to SOL's growth. To assess the recovery of the rate, it is more important to observe the demand in the spot market, ETF flows, and the ability of the price to return above $100.