- Solana fell to $125 lows amid a sharp crypto market sell-off.
- The drop in SOL’s price puts bulls at risk of seeing it test the $100 level.
- Spot Solana ETFs continue to record inflows.
Solana came under heavy pressure over the past week, sliding to roughly $125 after an 11% decline over 24 hours. This sell-off mirrors broad weakness across digital assets as Bitcoin’s pullback, driven by a renewed global risk-off mood, spread through the altcoin market.
Early on Friday, November 21, CoinMarketCap data showed no positive movers among the top 100 cryptocurrencies, underscoring the depth of the correction and a lack of short-term risk appetite.
Injective, Dash and NEAR were among the biggest losers, while Ethereum, XRP and Solana all suffered double-digit declines.
Ethereum dropped below $2,700 and XRP fell under $1.90.
Why Solana’s price is falling
Solana’s steep drop toward the $125 area reflects a broader market retreat caused by a mix of macroeconomic headwinds and a clear technical breakdown. One of the main triggers is renewed uncertainty around U.S. Federal Reserve interest rate decisions.
Bitcoin, the sector’s bellwether, fell to lows near $82,000, dragging altcoins such as Solana into the sell-off. Market data show 24-hour SOL trading volume jumped 42%, topping $9.63 billion.
The surge in volume alongside falling prices indicated panic selling as markets reacted to developments ahead of the next FOMC meeting. Expectations for a December rate cut plunged sharply to 31%.
The shift followed an announcement from the U.S. Bureau of Labor Statistics that the October jobs report would not be released and that the November report would arrive only after the FOMC decision, depriving policymakers and investors of two key labor measures at a critical moment.
Commentator Lark Davis said this choice leaves Fed Chair Jerome Powell “flying blind” at the FOMC meeting. The uncertainty has made markets jittery, with investors betting the Fed may opt to keep rates unchanged to err on the side of caution.
Spot SOL ETFs see inflows despite falling prices
Even as prices declined, spot Solana ETFs continued to attract capital. Data indicate the inflow trend persisted even while other products experienced redemptions.
On November 20, while spot Bitcoin ETFs recorded over $903 million in outflows and spot Ethereum ETFs saw more than $260 million in redemptions, Solana funds remained in positive territory.
According to SoSoValue data, investors added $23.6 million in inflows to SOL ETFs that day, bringing net inflows to more than $499 million. The key question is whether confidence in Solana through ETF products can translate into renewed support for bulls.
If prices fall further, primary support could form near the psychological $100 level.