Solana Price News: SOL ETFs Book an 11-Day Streak of Positive Inflows

Solana (SOL) is the only token in the top 5 with a negative year-to-date performance, as it has booked a 16% loss during this period.

Meme coin trading activity has faded as on-chain data shows that daily active addresses (DAUs) have been on a downtrend for months.

Nonetheless, Wall Street’s interest in the token is rising, as exchange-traded funds (ETFs) linked to Solana have managed to defy the latest selling spree by bringing in positive net inflows for 11 days in a row.

Solana Spot ETFs Daily Net Inflows – Source: SoSo Value

According to data from SoSo Value, an AI-powered crypto analytics platform, daily net inflows hit $70 million twice on October 28 and November 3.

The recently launched Bitwise Solana Staking ETF (BSOL) is already amassing total assets of nearly $470 million, while its closest competitor, the REX-Osprey Solana + Staking ETF (SSK) has attracted $293 million to date.

Solana’s attractive staking rewards, which in the case of BSOL stand at 7.3% per year, are one of the main reasons why Wall Street is so eager to scoop up these ETFs.

Solana’s Outlook is Bullish as Long as the $150 Support Holds

At a point when the Federal Reserve is expected to keep lowering interest rates, these high-yield products will continue to gain popularity, attracting hundreds of millions to the Solana ecosystem.

SOL/USD Daily Chart (Coinbase) – Source: TradingView

In addition, the launch of multiple Solana corporate treasuries has also raised awareness of the network’s ability to compete with Ethereum. Although the latter is still the indisputable market leader in the DeFi and RWA segments, the former has proven that it can deliver on its promises of fast and low cost transactions with no network downtimes.

The daily chart shows that SOL has managed to stay above $155 despite the latest price swings. The price has failed to take off from this level as market participants seem to be accumulating tokens.

This favors a bullish outlook at a point when the U.S. government shutdown seems to be coming to an end. Once a deal is officially announced, cryptos could skyrocket as a long list of exchange-traded funds (ETFs) could soon hit the trading floor.

The Relative Strength Index (RSI) seems poised to send a buy signal. If it rises above the 14-day moving average and the mid-line, that could mean that positive momentum is picking up its pace again.

A break above $190 would confirm that SOL is getting ready for its next leg up. This would mean a bullish breakout above the 200-day exponential moving average (EMA) as well, meaning that the price trend has reversed.

Trading volumes in the past 24 hours stand at nearly $6 billion. When daily volumes hit or surpass the $10 billion, it typically means that SOL is on the move.

Bullish Breakout Above $164 Would Create Attractive Trading Opp

Heading to a lower time frame, the $150 area has already acted as a bouncing pad three times, but it has not managed to change the price’s trajectory in any of those occasions, at least not meaningfully.

SOL/USD Hourly Chart (Coinbase) – Source: TradingView

An additional touch of this horizontal support could result in a bearish breakout, as order blocks at this level may have already been depleted.

SOL would have to break above $164 to confirm a bullish mid-term outlook. The Relative Strength Index (RSI) just turned bullish in this lower time frame. Hence, that might be where Solana is heading now.

A bullish breakout above $164 would open up the door for a long position with a nice 5.6x risk-reward ratio, using the $187 level as the next target if such a move is confirmed.