Whales pump $421M into Solana – So why didn’t SOL’s price move?

Rising inflows, softer prices

Recent data shows that Solana ETF inflows remained consistently strong throughout the past week, with two notable spikes of approximately $70 million each. This pushed total ETF net assets above $500 million. But price didn’t follow the same path.

SOL hovered near $164 and actually trended slightly lower through the same period.

Source: SoSoValue

At the same time, DeFiLlama data shows Solana’s TVL sitting at $10.59 billion, down about 3% in 24 hours. So, perhaps capital is entering via ETFs faster than on-chain markets can reflect.

Source: DeFiLlama

Big money is positioning even while retail demand cools.

Technicals lean bearish

Solana’s daily chart showed price slipping to around $159 at press time, with sellers still in control. EMA lines remained stacked above price, showing continued downside pressure. RSI was close to oversold territory.

Capital flows were also negative, with CMF below zero.

Source: TradingView

Despite the huge inflows into Solana ETFs, spot traders are not yet reversing the trend. Technicals are telling a different story than the flows: whales are accumulating, but the broader market still hasn’t followed.

If the RSI drops further, a short-term relief bounce may occur, but for now, momentum remains weak.