Solana (SOL) extended its July slide on Monday, with ETF inflows remaining below $1 million for a second week and futures funding rates turning negative — a combination that points to fading bullish conviction.
ETF demand stalls
SOL ETFs pulled in just $948,210 in net inflows last week, barely above the $930,430 from the week before. That's a fraction of what Bitcoin and Ethereum ETFs saw: $75.67 million and $105.44 million, respectively. The gap suggests institutional appetite for SOL remains tepid, at least for now. While Bitcoin and Ethereum funds continue to attract steady flows, Solana hasn't joined that party.
Futures market shows bearish tilt
Open interest in SOL futures fell to $4.77 billion, while trading volume surged 78% to $5.37 billion over the past 24 hours. The jump in volume alongside falling OI often points to liquidation events or aggressive position closing. Funding rates turned slightly negative, around 0.0023%, meaning short sellers are paying a premium to keep their positions open. That's a bearish signal in the derivatives market — traders are willing to pay to stay short, expecting further downside.
Technical picture: stuck below key EMAs
On the four-hour chart, SOL sits below both the 50-period EMA at $76.32 and the 200-period EMA at $76.51. The RSI is near 49 — neutral — and the MACD has turned modestly positive, but the bullish momentum is weak. Key support sits at $73.50 (S1 pivot) and $72.80 (a descending trendline). A break below that zone could send SOL toward $70.62. On the upside, resistance is at $77.27; a move above that opens the door to $81.92. The descending trendline from early July is still acting as a ceiling, and the four-hour chart shows SOL trading in a tight range between that line and the support zone — a pattern that often precedes a breakout.
What to watch
The next few sessions will test whether SOL can hold the $72.80–$73.50 support area. If it breaks, the path to $70.62 clears. If buyers step in and push above $77.27, the short-term bias could flip. For now, the data points south. The weekly ETF flow report due next Monday will be another key data point — another sub-$1 million week would reinforce the narrative that institutional interest is cooling.
