Overview
- SOL traded in the low $80s on Thursday, November 12, after breaking the June‑to‑September ascending trendline and dropping roughly 30–34% from its late‑September peak near $124.
- U.S. spot Solana ETFs have recorded consecutive days of net outflows totaling about $53.3 million over five sessions, even though cumulative inflows since launch remain roughly $1.42–$1.43 billion; ETF redemptions can force managers to sell underlying SOL into thin markets, adding selling pressure.
- Macro shocks pushed selling harder after a hotter U.S. inflation print and hawkish Fed comments lifted CME FedWatch odds of a December hike to about 99%, which raised the cost of holding non‑yielding assets like crypto.
- Derivatives amplified the drop: exchanges liquidated roughly $36.5 million in SOL positions in 24 hours with about 97% coming from long traders, and technical indicators show SOL deeply oversold with near‑term support around $77–$82 and downside targets near $74 or $70–$75 if those levels fail.
- Longer‑term network developments remain intact — the Alpenglow finality upgrade is live, real‑world assets on Solana reached about $5 billion, Samsung USDC integration launched and Formation Securities filed to run a tokenized‑stocks venue — but those fundamentals have not yet arrested the short‑term sell‑off.