Key takeaways
- Solana is down by less than 1% and is trading below $140.
- Canary Capital and Fidelity launched spot Solana ETFs, SOLC and FSOL, on Tuesday.
SOL down despite positive fundamentals
SOL, the native token of the Solana blockchain, slipped under 1% in the past 24 hours and is trading below $140. This modest decline occurred even after Canary Capital and Fidelity announced the launch of spot Solana exchange-traded funds (ETFs), SOLC and FSOL, which helped lift market sentiment among institutional investors.
BREAKING: @Fidelity, one of the world’s largest asset managers with $6.4 Trillion AUM, launches Solana ETF on @NYSE: FSOL 🔥 pic.twitter.com/m9DhhOlfUt
— Solana (@solana) November 18, 2025
Despite the ETF launches and increased institutional interest, SOL has not yet mounted a sustained rally and remains close to weekly support near $128.
Fidelity’s ETF is notable for being the fourth Solana-focused product from a major asset manager and for including a staking feature within the fund. These developments point to growing institutional demand for Solana exposure, which could be bullish for SOL over the medium to long term, even if near-term price action remains muted.
SOL may retest $128 as bearish momentum continues
On the daily chart, SOL/USD shows a bearish setup after the token underperformed in recent sessions. SOL was rejected at $168.79 last week and has lost more than 22% of its value since that rejection. At the time of writing, SOL trades around $136 after touching $144 on Tuesday.
The immediate support sits at $128.68. If that level holds, SOL could attempt a recovery toward the next significant resistance and trendline level near $160. The daily RSI is around 34, signaling that bearish momentum remains pronounced but not yet deeply oversold.
If the daily candle closes below $128.68, further losses are possible, with the next daily support zone near $118. Current trend indicators and order flow favor sellers, suggesting downside risk remains elevated until bullish momentum returns.