Key Insights
- Solana price slipped over 3% despite positive fund flow into the US Spot Solana ETF.
- The derivatives data also showed waning risk-bet appetite among traders.
- Analyst hints at a likely SOL price crash to $120 if it fails to reclaim a key support ahead.
Solana price has fluctuated over the week, shifting between $125 and $145 levels. At press time the coin seemed to be recovering toward $133, after visiting a low toward $135 earlier today.
As SOL price hovered near the $130 support, analysts have warned of a continuing dip in the asset’s price, which has sparked discussions among traders.
However, it seems that despite the dip, the institutions have continued to put their bets into the asset.
For context, the US Spot Solana ETF has recorded a cumulative total net inflow of $638 million since launch.
Despite that, the recent gloomy forecasts from the market pundits have spooked market participants.
In addition, the ongoing volatile scenario in the broader crypto market has further weighed on the traders’ sentiment.
Considering all these aspects, it appears that Solana price may witness another pullback in the near future before witnessing a rebound.
So, let’s take a quick tour of the latest SOL price performance and see what experts are predicting for the future potential of the asset.
Solana Price Dips Despite SOL ETF Inflow
At the time of writing, the SOL price was traded at $132.11, and the falling trading volume hints at muted trading activity in the market.
Notably, the crypto has touched a 24-hour high of $133.8, while falling to as low as $131.5 in the same time frame.
The weekly decline of the asset was also recorded at 3.45%, while the monthly loss showed a further gloomy scenario with a loss of over 15.9%.
Meanwhile, the derivatives data also suggest a declining sentiment among traders. As per CoinGlass Solana Futures Data, the Open Interest was down around 2.5% to $7.10 billion, suggesting a waning risk-bet appetite of traders.
It’s worth noting that the slump comes despite a positive sentiment among the institutions.
According to Farside Investors data, the US Spot Solana ETF has recorded an inflow of $15.7 million on December 5, with Bitwise’s BSOL providing the biggest boost with $12.2 million fund flow.
The weekly inflow into the investment instrument came in at $19.2 million, with the highest inflow of $45.7 million this week recorded on December 2. Solana ETF recorded two days of outflow this week, on December 1 and December 3.
Analyst Hints at SOL Price Crash
Amid the topsy-turvy scenario in the broader crypto market, experts have stepped in with crucial insights on the Solana price.
In a recent X post, analyst Ali Martinez has shared a SOL price analysis, which has sparked intense discussions among traders.
In his analysis, the analyst said that Solana price is likely to slip to $124 in the near future.
However, he noted that if it reclaims the $134 support, it could avoid the dump and may witness a potential rebound to $145.
On the other hand, analyst More Crypt Online said that the SOL price might have already topped. He said that the Solana price may retest the $89-90 area, which has further spooked traders.
However, he noted that the support at $128, $123, and $117 would be crucial to watch for the potential future movement of the coin.