$SOL Below $90: A Battle to Defend the 200-Day Moving Average, ETFs Pulling Out, Ecosystem Still Building
đ First, the numbers: $SOL The current price is around $89.6, down about 6.6% in 24 hours. It hit an intraday low of $88.28, with a market cap of about $53 billion, ranking 7th. Over the past 30 days, it has fallen about 24%, and is now nearly 70% below its all-time high of $293.31.
Solana isnât the only one falling. The Nasdaq dropped 5.52% on November 5, its biggest single-day decline in 18 months; BTC fell below $76,000, ETH dropped about 7.7%, and liquidations across the crypto market totaled about $1.09 billion in 24 hours. SOL perpetual futures saw about $33.71 million in liquidations, 91.7% of them from longsâthe leveraged longs were liquidated first, amplifying the decline.
SOL has two problems of its own: â Lending protocol Loopscale suspended all operations after coming under sustained attack on November 5; ⥠Validators must upgrade to Agave 4.4.1 by today (November 6, epoch 1079, around 13:30 UTC), or they may be forked off the network. This is an operational risk for the chain, not a sign that its fundamentals have gone to zero, but it is weighing on sentiment in the short term.
Institutional interest is also cooling: on November 5, spot SOL ETFs saw their first net outflows in November, of about $1.18 million. Outflows totaled about $144 million for October. But the ecosystemâs momentum hasnât stopped: reports say a Samsung-related integration is bringing $USDC payments into the Solana ecosystem, and JPMorgan expanded its tokenized money market fund to Solana at the end of October. Since Alpenglow launched on October 21, transaction finality time has dropped from about 12.8 seconds to around 150 milliseconds. The money hasnât come back yet, but development hasnât stopped.
The technical picture is key: the 200-day moving average is around $88.93, and SOL is testing this level at the close for the first time since August 21. Support is at $88.2â$88.5 (todayâs intraday low was $88.28). If that doesnât hold, watch $85 and $80; resistance is near $96.8. The Fear & Greed Index is at 27, in fear territory.
đ What to watch:
Short term: Donât try to catch a falling knife. Wait for confirmation that the 200-day moving average is holding, then see whether tonightâs nonfarm payrolls report and the November 10 CPI release offer any relief.
Medium to long term: A successful upgrade and a return of ETF inflows are two key confirmation points. Without both, donât rush to call a reversal.
Personal research; not investment advice.
#Solana #ć±±ćŻšćž #ETF #CryptoMarket
đ First, the numbers: $SOL The current price is around $89.6, down about 6.6% in 24 hours. It hit an intraday low of $88.28, with a market cap of about $53 billion, ranking 7th. Over the past 30 days, it has fallen about 24%, and is now nearly 70% below its all-time high of $293.31.
Solana isnât the only one falling. The Nasdaq dropped 5.52% on November 5, its biggest single-day decline in 18 months; BTC fell below $76,000, ETH dropped about 7.7%, and liquidations across the crypto market totaled about $1.09 billion in 24 hours. SOL perpetual futures saw about $33.71 million in liquidations, 91.7% of them from longsâthe leveraged longs were liquidated first, amplifying the decline.
SOL has two problems of its own: â Lending protocol Loopscale suspended all operations after coming under sustained attack on November 5; ⥠Validators must upgrade to Agave 4.4.1 by today (November 6, epoch 1079, around 13:30 UTC), or they may be forked off the network. This is an operational risk for the chain, not a sign that its fundamentals have gone to zero, but it is weighing on sentiment in the short term.
Institutional interest is also cooling: on November 5, spot SOL ETFs saw their first net outflows in November, of about $1.18 million. Outflows totaled about $144 million for October. But the ecosystemâs momentum hasnât stopped: reports say a Samsung-related integration is bringing $USDC payments into the Solana ecosystem, and JPMorgan expanded its tokenized money market fund to Solana at the end of October. Since Alpenglow launched on October 21, transaction finality time has dropped from about 12.8 seconds to around 150 milliseconds. The money hasnât come back yet, but development hasnât stopped.
The technical picture is key: the 200-day moving average is around $88.93, and SOL is testing this level at the close for the first time since August 21. Support is at $88.2â$88.5 (todayâs intraday low was $88.28). If that doesnât hold, watch $85 and $80; resistance is near $96.8. The Fear & Greed Index is at 27, in fear territory.
đ What to watch:
Short term: Donât try to catch a falling knife. Wait for confirmation that the 200-day moving average is holding, then see whether tonightâs nonfarm payrolls report and the November 10 CPI release offer any relief.
Medium to long term: A successful upgrade and a return of ETF inflows are two key confirmation points. Without both, donât rush to call a reversal.
Personal research; not investment advice.
#Solana #ć±±ćŻšćž #ETF #CryptoMarket
