Solana’s own conference opens in London today, but $SOL has already fallen below $70.
It’s trading at around $69.50 on Binance, down more than 10% in 24 hours, with an intraday low of $68.60. It’s lost nearly 20% in 7 days and a third in 30 days, is down more than 40% year to date, and has fallen about 76% from its peak.
This drop isn’t because something went wrong with SOL itself—it’s leverage and institutions letting go at the same time. Around $69 million in positions were liquidated over 24 hours, 97% of them longs. Open interest in perpetual futures shrank 11.4% in a day to just $4.21 billion, and funding rates have turned negative. The 50-day moving average has also crossed below the 200-day moving average. ETFs are still seeing outflows: another $3.1 million left on November 13, marking 7 consecutive trading days of net outflows and bringing the total to around $58.3 million.
The contrast is the most painful part: DTCC just announced that it plans to bring its tokenization services to Solana in 2027, and tokenized stocks have even seen a single-day trading volume of $65.7 million. Today’s conference is focused on institutional tokenization and payments. Yet none of this good news has supported the token price, and the treasury company holding 8.73 million SOL is under considerable pressure on paper right now.
My take is that now that the $70 threshold has broken, the next level to watch is $67.50, a level set this summer. If it doesn’t hold, the next stops are $65 and $60. To say the price has stabilized, it needs to get back above $75 first. The good news is about next year and the year after, but leverage and ETF outflows are the hard reality today. What do you think? I’ll keep watching for now and won’t rush to a conclusion.
It’s trading at around $69.50 on Binance, down more than 10% in 24 hours, with an intraday low of $68.60. It’s lost nearly 20% in 7 days and a third in 30 days, is down more than 40% year to date, and has fallen about 76% from its peak.
This drop isn’t because something went wrong with SOL itself—it’s leverage and institutions letting go at the same time. Around $69 million in positions were liquidated over 24 hours, 97% of them longs. Open interest in perpetual futures shrank 11.4% in a day to just $4.21 billion, and funding rates have turned negative. The 50-day moving average has also crossed below the 200-day moving average. ETFs are still seeing outflows: another $3.1 million left on November 13, marking 7 consecutive trading days of net outflows and bringing the total to around $58.3 million.
The contrast is the most painful part: DTCC just announced that it plans to bring its tokenization services to Solana in 2027, and tokenized stocks have even seen a single-day trading volume of $65.7 million. Today’s conference is focused on institutional tokenization and payments. Yet none of this good news has supported the token price, and the treasury company holding 8.73 million SOL is under considerable pressure on paper right now.
My take is that now that the $70 threshold has broken, the next level to watch is $67.50, a level set this summer. If it doesn’t hold, the next stops are $65 and $60. To say the price has stabilized, it needs to get back above $75 first. The good news is about next year and the year after, but leverage and ETF outflows are the hard reality today. What do you think? I’ll keep watching for now and won’t rush to a conclusion.
