Solana's price stayed below $100 for a fourth consecutive day. ETF outflows, an oversold RSI and moves of stolen SOL may be adding pressure, while stablecoin adoption data gives holders a counterpoint.
Solana dropped below the $100 threshold for the fourth consecutive day. At press time, SOL traded at $92.95 after a 1.7% gain over 24 hours.
The weekly drop of 8.8% has raised concern among investors. This price fall was last seen in January 2024, and the altcoin later reached $250.
Technical indicators point lower
The RSI fell below the 30 level in the oversold zone. An analyst on X noted that SOL sits below both its 50-day EMA at $103.20 and its 200-day EMA at $99.88, which indicates strengthening bearish momentum.
SOL is now testing an upward-sloping trendline, with immediate support around $89.27. If it fails to hold that level, the price could decline towards $87.21 and $70.58. However, another analyst believes most of the downside may already be behind SOL.
ETF outflows and Binance hack wallets may weigh on SOL
The selling pressure might stem from several factors. According to SoSo Value data, Solana ETFs recorded their biggest weekly withdrawal ever in the week ending October 30, with net outflows of about $71.47 million.
Earlier weeks saw outflows of $17.30 million, $25.52 million and $24.81 million for the weeks ending October 23, October 16 and October 9. Separately, wallets linked to the Binance hack reportedly started moving nearly $96 million of stolen SOL into Bitcoin conversion routes.
Open interest falls as stablecoin use grows
Solana's open interest fell from around $6.5 billion on October 29 to approximately $5.7 billion by November 4. The Spot Taker CVD chart also turned red, which signals taker sell dominance.
On the other side, monthly card spending on Solana reached a record $141 million on October 31, a sevenfold increase from October 2025. Stablecoin holder addresses rose from fewer than four million in October 2024 to 14 million by October 2026.
Source: AMBCrypto
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