Solana has fallen below both its 50-day and 200-day averages after losing roughly a quarter of its value in a month. Spot ETF outflows and forced liquidations added pressure, and a support zone near $74 could decide whether the slide deepens.
Solana traded near $83 on Friday, flat on the day, after losing about 10% this week. The token now sits under its long-term trend line, and no real bounce has formed yet.
SOL has fallen harder than larger peers this month: ether dropped about 20% to near $2,027, while bitcoin lost about 11%.
ETF outflows and liquidations add pressure
U.S. spot Solana ETFs posted net outflows of about $7.7 million on Nov 9, according to fund flow data. The source reads that as thin demand from larger buyers.
Leverage sharpened the selloff. A wave of forced liquidations swept crypto markets on Nov 8, and smaller coins took the heaviest hits because traders hold more borrowed positions in them.
Both averages now sit overhead
SOL trades well below its 50-day average near $99 and under its 200-day average near $97. When price holds below both moving averages, they tend to act as ceilings on any rally. The 50-day line still sits slightly above the 200-day, but the gap has nearly closed, so a bearish crossover could follow if weakness continues.
Momentum readings point both ways. RSI sits near 24 on the daily chart, and readings below 30 count as oversold. Oversold conditions often come before a relief bounce, but MACD remains below its signal line, which means downside momentum has not faded yet.
Support near $74 is the level to watch
On the daily chart, the nearest support sits near $74, close to SOL's Aug 16 close around $75. A close under it would likely shift attention to the June 6 close near $62, the token's lowest close in a year.
Bulls face the first resistance near $96, just under both averages. Above that, the $100 level would need to fall before the trend looks repaired.
Source: Crypto Daily
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