Solana (SOL) is drawing selective investor interest even as the wider crypto market remains under pressure. While sharp price declines across major tokens have weighed on sentiment, recent fund flow data and on-chain activity suggest that capital is not exiting the ecosystem entirely.
Instead, market participants appear to be separating near-term price weakness from longer-term network usage, creating a mixed but notable picture for SOL as it trades around $79.
Solana ETF Inflows Stand Out Against Broader Outflows
On February 5, U.S. spot crypto ETFs recorded uneven capital movements. Bitcoin spot ETFs saw net outflows of about $434 million, while Ethereum funds posted roughly $80.8 million in outflows. In contrast, Solana spot ETFs recorded net inflows of $2.82 million, according to data compiled by SoSoValue.
Although modest in absolute terms, the inflows stood out against the broader trend of risk reduction. The data suggests that some institutional and professional investors are maintaining or adding limited exposure to Solana-linked products despite ongoing volatility in digital asset markets.
Network activity offered a similar contrast. Solana processed more than $31 billion in decentralized exchange (DEX) spot volume over the past week, indicating sustained user engagement even as prices declined. This divergence between price action and activity has been a recurring theme during recent market stress.
Price Pressure and Bearish Market Structure
Despite ETF inflows, SOL price action remains weak. The token has fallen more than 30% over the past week, briefly trading in the $67–$68 range before rebounding to $80. Technical indicators continue to reflect bearish momentum.
Futures data shows declining participation, with Solana’s open interest falling to around $5 billion, its lowest level since mid-April 2025. Funding rates have also turned negative, while the long-to-short ratio remains below one, signaling that more traders are positioned for further downside.
On the charts, SOL remains in a clear downtrend. The break below key psychological levels near $100 and $85 accelerated selling pressure. Analysts now point to $82 and $76 as near-term support levels, with $60 still cited as a downside risk if selling intensifies.
Institutional Interest Persists Despite Volatility
Away from price charts, institutional developments continue to support Solana’s longer-term narrative.
Recent announcements include corporate treasury initiatives using the Solana blockchain and partnerships in Asia focused on tokenizing traditional securities. These moves highlight ongoing experimentation with Solana’s infrastructure despite unfavorable market conditions.
Currently, SOL sits at the intersection of weak short-term momentum and pockets of institutional and network strength. The $2.82 million ETF inflow does not reverse the broader downtrend, but it underscores that interest in Solana has not disappeared, even as markets remain under stress.
Cover image from ChatGPT, SOLUSD chart on Tradingview
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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