Bitwise Solana ETF Hits $420M as SOL Tests $145 Support Amid Market Decline
Caroline Bishop Nov 13, 2025 17:37
SOL trading at $149.22 down 2.9% as first U.S. spot Solana ETF accumulates $420M in debut week while technical indicators signal oversold conditions near key support levels.
Quick Take
• SOL trading at $149.22 (down 2.9% in 24h) • Bitwise Solana ETF achieves $420M in first week despite market headwinds • Testing critical support at $145.85 with RSI showing oversold conditions • Following Bitcoin's broader market decline alongside traditional assets
Market Events Driving Solana Price Movement
The launch of Bitwise's Solana Staking ETF (BSOL.P) represents the most significant development for SOL price this week, despite the current downturn. The ETF accumulated $420 million in assets during its first week of trading after launching on October 28, 2025, during an SEC shutdown period. This institutional adoption milestone has provided underlying support for SOL price even as broader market pressures weigh on the token.
Counteracting this positive development, Adrena's announcement that it's entering maintenance mode has created negative sentiment within the Solana ecosystem. The perpetual contract DEX, which generated $8 billion in trading volume and $10 million in transaction fees over the past year, cited fundraising difficulties and intense market competition as primary factors for the decision.
The broader cryptocurrency market decline, led by Bitcoin's weakness, has overshadowed these Solana-specific developments. SOL price has followed the general risk-off sentiment affecting both crypto and traditional markets, with institutional flows into the new ETF providing only partial cushioning against selling pressure.
Solana Technical Analysis: Approaching Oversold Territory
Price Action Context
SOL price currently trades well below all major moving averages, with the token sitting 14% below its 20-day SMA at $173.71 and 22% below the 50-day SMA at $192.14. This positioning indicates sustained selling pressure despite the positive ETF news catalyst. The 24-hour trading volume of $596.8 million on Binance spot market reflects elevated activity as traders react to the technical breakdown.
The divergence between institutional adoption (ETF inflows) and price action suggests sophisticated money is accumulating SOL while retail sentiment remains negative. This dynamic often precedes significant reversals once technical conditions improve.
Key Technical Indicators
The RSI reading of 33.96 places SOL price in oversold territory, typically signaling potential for a relief bounce. However, momentum indicators remain bearish with the MACD histogram at -1.22, indicating continued downward pressure in the near term.
Bollinger Bands show SOL price trading near the lower band at $139.16, with a %B position of 0.15 suggesting the token is approaching extreme oversold conditions. Historical data indicates SOL price often finds support when reaching these technical extremes.
Critical Price Levels for Solana Traders
Immediate Levels (24-48 hours)
• Resistance: $158.42 (7-day SMA and recent pivot high) • Support: $145.85 (confluence of strong support and current trading range low)
Breakout/Breakdown Scenarios
A breakdown below $145.85 could accelerate selling toward the $139.16 Bollinger Band lower bound, potentially triggering stop-losses and creating a cascade effect. Conversely, reclaiming $158.42 would suggest the worst of the selling pressure has subsided and could target the $173.71 20-day SMA on a relief rally.
SOL Correlation Analysis
• Bitcoin: SOL price is closely following Bitcoin's decline, with both assets showing similar percentage losses over the past 24 hours. This correlation remains elevated during risk-off periods. • Traditional markets: The decline coincides with weakness in equity markets, suggesting institutional investors are reducing exposure across risk assets. • Sector peers: SOL price performance aligns with other large-cap altcoins, indicating broad-based crypto selling rather than Solana-specific issues.
Trading Outlook: Solana Near-Term Prospects
Bullish Case
The combination of oversold RSI conditions, significant ETF inflows, and approaching major support at $145.85 creates potential for a technical bounce. A successful defense of current levels could target $158.42 initially, with $173.71 representing the next meaningful resistance. The ETF's strong debut suggests institutional demand remains robust despite short-term price weakness.
Bearish Case
Failure to hold $145.85 support would expose SOL price to accelerated selling toward $139.16 and potentially the psychological $130 level. Continued Bitcoin weakness and broader market risk-off sentiment could overwhelm positive Solana-specific developments in the near term.
Risk Management
Conservative traders should consider stops below $144 to limit downside exposure, while aggressive buyers might view current levels as accumulation opportunities with tight risk management. Given the daily ATR of $12.45, position sizing should account for continued elevated volatility in both directions.
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