Solana drew $132 million in inflows this week; however, since most of its exposure is possibly created in-kind (from existing SOL reserves) and managed through staking, those flows haven’t yet translated into real spot market demand. This could explain why Solana’s Chaikin Money Flow (CMF) remains below zero.
Despite the ETF launch and broader media buzz, Solana’s price is still down about 4% this week, proving that passive inflows alone haven’t helped the token recover.
Interestingly, Solana’s Holder Net Position Change—which measures whether long-term wallets are accumulating or selling—shows a different tone. On October 3, net outflows peaked near -11.43 million SOL, one of the steepest levels this month. By October 31, that figure had improved to -1.91 million SOL, representing an 83% reduction in net outflows.
This means that while holders are still selling, they’re doing so at a much slower pace—a small but positive shift for Solana’s long-term structure.
### Solana Price Chart Setup Still Leans Bearish
Despite the slowdown in holder selling, Solana’s price chart setup remains fragile. The daily chart shows SOL trading within a broadening rising wedge pattern, which typically signals exhaustion and a possible breakdown.
The lower trendline, tested more than five times since August, has been under heavy pressure since mid-October. Between October 13 and October 26, Solana’s price made a lower high, while the Relative Strength Index (RSI), which measures buying momentum, made a higher high. This forms a hidden bearish divergence, a pattern that typically suggests the larger Solana price downtrend could continue.
To regain strength, Solana must first reclaim $198, then close above $209. That would open a path toward $237. However, if the $178 support level fails—a mere 4.53% dip—a slide to $155 is likely, representing a drop of around 14%. Such a move would strengthen the bearish outlook.
To invalidate this weakness, the CMF needs to move above zero, and investors should return to net buying. That kind of spot money flow could help the SOL price cross at least $198 in the short term.
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