Solana has entered mid-November under intense selling pressure, even as the network celebrates one of its most important adoption milestones to date.
- SOL falls ~8% in 24 hours despite Cash App confirming Solana-powered USDC transfers for 2026
- Nearly $70M in liquidations, with long positions accounting for the vast majority
- Analysts warn that support drops off rapidly below $144, with $125–$135 becoming the line of defense
- Solana ETF inflows slow but remain positive, signaling cautious institutional accumulation
Cash App confirmed that it will enable Solana-powered USDC transfers in early 2026, opening the door for seamless blockchain-based payments across its massive user base of 57 million active monthly customers. The announcement generated optimism among long-term supporters of the Solana ecosystem, yet market conditions have diverted that enthusiasm into defensive sentiment rather than sustained buying pressure.
SOL is now trading near $143, reflecting an 8% decline in 24 hours and extending losses on the weekly timeframe. The downturn hit leveraged traders especially hard, triggering $69.84 million in forced liquidations, according to Coinglass data, with an overwhelming $65.48 million coming from long positions. The imbalance shows how heavily the market was positioned for upside and how quickly sentiment flipped once price slipped below key psychological support.
Adoption Narrative Collides with Short-Term Fear
From a long-term viewpoint, the Cash App partnership underlines Solana’s growing influence beyond crypto-native users. USDC transfers running on Solana inside a mainstream payments app represent a major milestone toward real-world utility, especially in the United States where retail-friendly blockchain services remain rare. Under normal market conditions, such a development could have fueled a strong rally.
Solana 🤝 Cash App pic.twitter.com/7umRrAuHLp
— Solana (@solana) November 13, 2025
However, current sentiment across crypto markets remains fragile, and traders appear more focused on risk reduction than future adoption. With Bitcoin struggling to reclaim recent highs and liquidity thinning across altcoins, bullish catalysts are failing to translate into immediate appreciation. Solana, despite being one of the most fundamentally active ecosystems in 2025, has not been immune.
Analysts Highlight Breakdown Risks
On-chain distribution shows why support around current levels is so crucial. Data shared by Ali Charts indicates that below $144, deep pockets of historical demand disappear, suggesting that if SOL falls out of its current range, buyers do not meaningfully reappear until drastically lower levels. While the mid-$20s zone is not a forecast, the data illustrates how concentrated Solana’s realized price support truly is.
On-chain data shows that below $144, support for Solana $SOL drops off fast! There’s barely any meaningful demand until $24. pic.twitter.com/0jcmxMmbaw
— Ali (@ali_charts) November 14, 2025
A second warning comes from Cryptorphic, who notes that SOL has been resting on a five-year weekly trendline. Losing that structure could turn a routine correction into a multi-month downturn.
Technical traders have now turned their focus to $125–$135 as the most important support region on the chart — the zone where long-term investors historically accumulate during macro pullbacks.
$SOLANA is trading on a 5-year-long weekly trendline support. What happens next will be worth watching. Best lower entry zone: $125 to $135.
DYOR, NFA#SOL pic.twitter.com/Ub9zbMhoEW
— Cryptorphic (@Cryptorphic1) November 13, 2025
ETF Momentum Slows, but Investor Interest Continues
Solana spot ETF inflows, once one of the strongest bullish drivers, are also showing signs of cooling. After the blockbuster $325.6 million seed phase, daily inflows have gradually moderated. Recent additions are still positive, but smaller, with only $1.5 million of net inflow recorded on November 13 — the lowest daily figure since the ETFs launched.
The slowdown suggests that institutions are no longer deploying capital aggressively on upward momentum and may now be averaging cautiously rather than front-running a rally. Still, the fact that inflows remain consistently positive indicates that long-term conviction remains intact.
Technical Indicators Lean Bearish
Technical analysis across shorter and mid-term timeframes aligns with the downward momentum. The 4-hour RSI sits near 31, approaching oversold territory, while MACD continues to widen bearishly, signaling that selling pressure remains dominant.
On TradingView’s aggregated signal model, Solana now returns a Sell rating, with the moving averages component registering Strong Sell. This combination confirms that the latest drop has shifted price structure from a continuation trend into a correction trend, the first time this has happened since late summer.
Liquidations May Not Be Finished
Because the overwhelming majority of liquidations came from long traders instead of short traders, analysts warn that the process might not be fully complete. When long positions are wiped out, forced selling accelerates the decline, and the resulting price movement can push remaining bullish leveraged positions into the danger zone. If SOL drops below $135, new clusters of liquidation thresholds may activate, potentially creating another sharp move downward even without changes in fundamental demand.
Why the Bigger Picture Still Matters
Despite the volatility, Solana’s broader outlook has not changed. The network remains one of the fastest and most cost-efficient settlement layers in the market, powering a rapidly expanding share of stablecoin, payments and consumer-focused blockchain activity. Institutional interest via ETFs continues to grow, major fintech partnerships are solidifying, and developer momentum remains among the strongest across Layer-1 ecosystems. In calmer market conditions, these building blocks would normally support upward continuation — and many analysts believe they still may, once the current stress cycle plays out.
However, for now, all eyes are on technical defense. If Solana can maintain the $135–$144 range and absorb forced selling, demand may stabilize before December. If not, price discovery could shift downward until leveraged risk clears and spot buyers regain confidence.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.