Solana’s recently introduced ETFs are proving to be quite popular, drawing in substantial capital amid a turbulent market, with projections threatening a dip in SOL prices to around $120.

Key Highlights:

• ETFs Growth: The newly launched spot SOL ETFs have amassed $476 million in net inflows over 17 consecutive days, with Bitwise’s BSOL ETF accounting for 89% of this total.
• Market Concerns: There is increasing selling pressure looming at the $140 resistance level, which may prompt a price decline to $120.

Investor Interest in Spot SOL ETFs

Since its introduction, Bitwise’s BSOL ETF has seen $424 million in inflows, marking its significance in the market.

On Nov. 19, BSOL achieved $35 million in new net flows, its largest intake since early November. ETF analyst Eric Balchunas noted the launch of the 21Shares Solana ETF with an initial $100 million in assets under management (AUM).

Bitwise Solana ETF inflows. Source: SoSoValue

Balchunas also stated that spot SOL ETFs collectively attracted around $2 billion, showing consistent inflows, especially during times of market fear.

SOL’s Price Challenges

Despite Solana’s recent performance exceeding that of Bitcoin (BTC), Ether (ETH), and XRP, a significant resistance at the 50-EMA has bounced the price back to $132. This brewing caution is illuminated by the flat or slightly declining aggregated open interest (OI) during SOL’s price movements.

Solana’s four-hour chart. Source: Cointelegraph/TradingView

As volumes declined while SOL struggled, it indicated consistent selling from traders. If SOL fails to reclaim the $140 mark quickly, further bullish momentum could be stunted, with a significant liquidity level identified at $120.