Solana continues to decline, briefly dropping to around $61 before recovering slightly. The article notes that after a month of continuous net inflows, SOL spot ETFs have turned to net outflows over the past two days, significantly increasing market focus on the $60 support level.
ETF funds are turning net outflows
The article notes that institutional investors have recently begun reducing their exposure to SOL, primarily due to expanding losses on their positions. For crypto assets, shifts in institutional capital flows often directly impact short-term price performance.
The article cites an example where, after the March SOL ETF saw selling pressure, the price of SOL dropped from $91 to $81, demonstrating that large-scale asset outflows can amplify downward market pressure.
The company's position losses have increased.
In addition to ETF fund flows, holdings in some companies related to Solana are also under pressure. The article notes that Forward Industries has recorded paper losses exceeding $1.3 billion on its SOL position—a case that is not isolated.
Meanwhile, over the past 24 hours, the Solana DATs mentioned in the article fell by 29%, reducing the total value of held SOL to approximately $1.1 billion. As the performance of related positions weakened, more capital began to shift into a wait-and-see stance.
$60 serves as short-term support
From market indicators, SOL’s downward trend has not yet shown significant signs of easing. The article notes that its Relative Strength Index (RSI) dropped as low as 15, indicating the market has entered a clearly oversold zone with weak buying support.
Under this context, $60 has become the most closely watched short-term support level. If this level is breached, the next support zone mentioned in the article may shift to around $53.
Overall, SOL is currently under pressure primarily due to institutional funds shifting from inflow to outflow, and a decline in risk appetite following increased losses in related positions. In the short term, whether the $60 level can be held remains a key focus for the market.