Spot Solana exchange-traded funds (ETFs) have continued to draw capital regardless of SOL’s (SOL) steep worth drawdown. Since launch, the merchandise have gathered $476 million in whole web inflows, with the streak extending 17 consecutive days, whilst Solana’s (SOL) worth plunged practically 30% from $186 to $130.
Key takeaways:
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Spot SOL ETFs posted 17 straight days of inflows, with Bitwise’s BSOL representing 89% of the overall worth.
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Futures information underscored the constructing of promoting stress close to the $140 resistance zone, which might ship SOL to a retest of $120.
Spot SOL ETF continues to attract investor curiosity
Since its debut, Bitwise’s BSOL ETF has accounted for $424 million, representing 89% of all cumulative inflows, underscoring the fund’s dominance in driving demand.
On Nov. 19, BSOL recorded $35 million in recent web flows, its third-largest every day consumption and the most important since Nov. 3. ETF analyst Eric Balchunas additionally highlighted the debut of the 21Shares Solana ETF, which launched the identical day with $100 million belongings underneath administration (AUM).
In line with Balchunas, spot SOL ETFs as a gaggle have now taken in $2 billion, managing to draw inflows “mainly each day” regardless of the market’s present “excessive worry.”
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SOL continues to battle as promoting stress intensifies
Solana briefly outperformed Bitcoin, Ether, and XRP on Nov. 20, printing a higher-high and higher-low construction on the one-hour and four-hour charts. However its rally was rapidly capped by heavy resistance on the 50-EMA, which rejected the value again towards $132.
Futures information painted a cautionary image. Aggregated open curiosity (OI) remained flat to barely declining throughout SOL’s transfer from $130 to $140, suggesting the rally lacked recent lengthy participation. Nevertheless, OI spiked as soon as worth started consolidating close to $140, indicating new positions, doubtless short-leaning, had been constructing into resistance.
On the similar time, futures cumulative volume-delta (CVD) fell sharply through the correction, whereas spot CVD trended decrease all day, signaling constant web promoting from each derivatives merchants and spot holders.
In the meantime, funding charges stayed elevated even after SOL dropped again to $130, implying leveraged longs stay crowded and susceptible to additional draw back.
The information instructed that and not using a swift reclaim of $140, bullish momentum might subside simply. The following key draw back goal sits at $120, the place liquidity and prior demand from a every day order block converge. A decisive bounce above $140 would invalidate the bearish setup, however till then, sellers stay firmly in management.
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This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer entails danger, and readers ought to conduct their very own analysis when making a call.