Solana Slips Below $100 as Spot ETFs Record $24.8M Outflows

Solana's price has fallen below $100 after U.S. spot exchange-traded funds recorded $24.82 million in net outflows over two trading sessions, adding pressure to a cryptocurrency navigating a difficult October, according to CryptoNews.

Solana traded at $99.71 on October 29, marking a 15.41% decline over the previous month. Spot Solana ETFs recorded $24.82 million in combined outflows on October 27 and 28, with SoSoValue data showing investors withdrew $19.16 million on the first day followed by another $5.66 million on the second. The initial session recorded the largest daily withdrawal for the funds since December 3, 2025.

Whale Activity and Market Metrics

Alongside institutional fund movements, blockchain analytics account Lookonchain reported that a wallet sold 1.02 million SOL worth approximately $104.3 million over a five-day period. The transactions represented a separate source of potential selling pressure from the ETF redemptions.

Despite the price decline, Solana's market capitalization stood near $58.83 billion, keeping it seventh among cryptocurrencies. Circulating supply was approximately 589.98 million SOL out of a total network supply of 636.64 million tokens.

Technical Levels and Development

TradingView's daily indicators placed Solana below its 20-day Bollinger Bands midpoint at $104.46, with the lower band near $98.73. Analyst CryptoBusy identified the $96 to $100 region as a key support area on the four-hour chart, while noting that buyers would need a confirmed move above $104 to $105 to challenge higher resistance.

Network development continued during the market weakness. The Solana network's Alpenglow consensus upgrade activated on October 21, replacing the previous TowerBFT consensus process to target substantially faster transaction finality.

Key facts

• Solana price fell below $100 to trade at $99.71.
• Spot Solana ETFs recorded $24.82 million in net outflows over two sessions on October 27 and 28.
• Lookonchain reported a whale selling 1.02 million SOL worth approximately $104.3 million over five days.
• Network activation of the Alpenglow consensus upgrade took place on October 21.