Test

Million

Solana

<ul>
 <li><strong>Solana ETFs recorded $114.2 million in net withdrawals between October 19 and November 6.</strong></li>
 <li><strong>Reclaiming the 0.618 Fibonacci retracement at $91.40 is the immediate technical priority.</strong></li>
 <li><strong>Futures open interest remains near $2.6 billion despite declining prices.</strong></li>
 <li><strong>Alpenglow introduces validator fee burns, adding a new dimension to SOL’s tokenomics.</strong></li>
</ul>
<p><strong><a href="https://ethnews.com/cryptocurrencies/solana/" rel="noopener noreferrer nofollow">Solana</a></strong> faces a difficult recovery as ETF investors withdraw capital while derivatives traders maintain substantial exposure, creating a potentially volatile setup around a critical technical resistance level.</p>
<p>SOL traded near $89.86 on November 7, roughly 28% below its October peak. The cryptocurrency has already lost an important Fibonacci retracement, shifting attention to whether buyers can recover former support before the correction deepens.</p>
<figure style="width: 100%" class="wp-caption aligncenter"><img src="https://ethnews.com/wp-content/uploads/2026/11/SOLUSD_2026-11-07_13-37-42-2-1024x798.webp" alt="Solana (SOL/USD) daily chart showing a decline below $90, Fibonacci support levels, RSI near oversold territory, and trading volume." width="696" height="542">
 <figcaption>
  Solana tests the $90 support area as selling pressure persists and RSI approaches oversold territory. <strong><a href="https://www.tradingview.com/chart/Ds9qR56x/?symbol=COINBASE%3AXRPUSD" rel="noopener noreferrer nofollow">Chart: Alexander Zdravkov/TradingView</a></strong>.
 </figcaption>
</figure>
<p>The market’s next move will test whether sustained ETF redemptions outweigh speculative positioning and improvements to Solana’s underlying infrastructure.</p>
<h2 id="solana-s-technical-outlook-depends-on-reclaiming-91-40">Solana’s Technical Outlook Depends on Reclaiming $91.40</h2>
<p>The 0.618 Fibonacci retracement at $91.40 remains the most important level on Solana’s daily chart, measured from the $70.51 low to the $125.19 high.</p>
<p>SOL has already broken below this threshold. Its proximity to a descending trendline connecting recent lower highs creates an additional resistance barrier, making a sustained reclaim particularly significant.</p>
<p>A daily close above the level, followed by a successful retest, would weaken the bearish structure. Continued rejection would instead favor an extension of the correction.</p>
<div style="max-width: 100%; margin: 22px 0; font-family: Arial,Helvetica,sans-serif;">
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  <div style="font-size: 15px; font-weight: bold; line-height: 1.4;">
   Solana Fibonacci Price Map
  </div>
  <div style="font-size: 12px; color: #c8d6e5; margin-top: 5px;">
   SOL/USD · Daily chart · November 7, 2026
  </div>
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 <div style="overflow-x: auto; -webkit-overflow-scrolling: touch; border: 1px solid #dce5ee; border-top: 0; border-radius: 0 0 12px 12px;">
  <table style="width: 100%; min-width: 300px; border-collapse: collapse; font-size: 13px; line-height: 1.45; color: #243447; background: #ffffff;">
   <thead>
    <tr style="background: #eef3f8;">
     <th style="padding: 12px 10px; text-align: left; font-weight: bold;" scope="col">Fib level</th>
     <th style="padding: 12px 10px; text-align: right; font-weight: bold;" scope="col">SOL price</th>
     <th style="padding: 12px 10px; text-align: left; font-weight: bold;" scope="col">Role</th>
    </tr>
   </thead>
   <tbody>
    <tr style="border-top: 1px solid #e8edf2;">
     <td style="padding: 11px 10px;">0.382</td>
     <td style="padding: 11px 10px; text-align: right; font-weight: bold; white-space: nowrap;">$104.30</td>
     <td style="padding: 11px 10px;">Higher resistance</td>
    </tr>
    <tr style="border-top: 1px solid #e8edf2; background: #f8fafc;">
     <td style="padding: 11px 10px;">0.500</td>
     <td style="padding: 11px 10px; text-align: right; font-weight: bold; white-space: nowrap;">$97.85</td>
     <td style="padding: 11px 10px;">Recovery target</td>
    </tr>
    <tr style="border-top: 1px solid #d2e5fa; background: #eaf3ff;">
     <td style="padding: 12px 10px; color: #1557a0; font-weight: bold;">0.618</td>
     <td style="padding: 12px 10px; text-align: right; color: #1557a0; font-weight: 800; white-space: nowrap;">$91.40</td>
     <td style="padding: 12px 10px; color: #1557a0; font-weight: bold;">Critical reclaim</td>
    </tr>
    <tr style="border-top: 1px solid #e8edf2;">
     <td style="padding: 11px 10px;">0.786</td>
     <td style="padding: 11px 10px; text-align: right; font-weight: bold; white-space: nowrap;">$82.21</td>
     <td style="padding: 11px 10px;">Downside support</td>
    </tr>
    <tr style="border-top: 1px solid #e8edf2; background: #f8fafc;">
     <td style="padding: 11px 10px;">0.886</td>
     <td style="padding: 11px 10px; text-align: right; font-weight: bold; white-space: nowrap;">$76.74</td>
     <td style="padding: 11px 10px;">Deeper support</td>
    </tr>
   </tbody>
  </table>
 </div>
 <div style="font-size: 11px; color: #64748b; margin-top: 8px; line-height: 1.5;">
  Source: TradingView chart analysis by Alexander Zdravkov. Levels calculated from $70.51 to $125.19.
 </div>
</div>
<p>From the latest quoted price, the distance to the first recovery target is approximately 8.9%, compared with 8.5% downside to the 0.786 retracement. These are technical distances, not probability-weighted forecasts.</p>
<p>Momentum remains fragile. The daily Relative Strength Index stands at 30.88, approaching oversold territory, while the latest volume-delta reading is negative.</p>
<p>Neither indicator establishes a reversal. The stronger signal would be improving buying activity alongside a sustained move above the descending resistance structure.</p>
<h2 id="solana-etf-withdrawals-extend-across-multiple-sessions">Solana ETF Withdrawals Extend Across Multiple Sessions</h2>
<p>Solana ETFs recorded $24.2 million in combined net outflows on November 6, according to <strong><a href="https://farside.co.uk/sol/" rel="noopener noreferrer nofollow">data from FarSide Investors</a></strong>.</p>
<p>Bitwise’s BSOL accounted for $14.4 million, while Grayscale’s GSOL and Morgan Stanley’s MSOL recorded withdrawals of $5.4 million and $4.4 million, respectively.</p>
<p>Across the October 19–November 6 reporting period, the displayed daily flows total $114.2 million in net withdrawals, excluding initial seed capital.</p>
<p>The cumulative figure is more informative than a single negative session. It indicates persistent weakness in demand through regulated investment products during Solana’s correction.</p>
<p>However, the data does not establish why investors are selling. Macro risk aversion, cryptocurrency portfolio rebalancing and Solana-specific concerns remain possible explanations, but distinguishing among them requires comparative fund-flow evidence.</p>
<p>Redemptions also do not necessarily result in equivalent immediate spot sales. Their effect depends on fund structures, liquidity providers and execution arrangements.</p>
<p>Nevertheless, sustained withdrawals remove a potential source of demand precisely when SOL needs buying pressure to recover technical resistance.</p>
<h2 id="2-6-billion-in-futures-exposure-raises-volatility-stakes">$2.6 Billion in Futures Exposure Raises Volatility Stakes</h2>
<p>Solana futures open interest remains near $2.6 billion, with outstanding positions increasing approximately 0.60% over the preceding 24 hours.</p>
<p><strong><a href="https://coinalyze.net/solana/open-interest/" rel="noopener noreferrer nofollow">According to information from Coinalyze</a></strong> the largest concentrations appear across four trading venues:</p>
<div style="max-width: 100%; margin: 22px 0; font-family: Arial,Helvetica,sans-serif;">
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   SOL Futures Open Interest by Exchange
  </div>
  <div style="font-size: 12px; color: #c8e5dd; margin-top: 5px;">
   Leading venues · Market snapshot, November 7, 2026
  </div>
 </div>
 <div style="border: 1px solid #dbe7e2; border-top: 0; border-radius: 0 0 12px 12px; overflow: hidden; background: #ffffff;">
  <table style="width: 100%; border-collapse: collapse; font-size: 13px; line-height: 1.45; color: #243447;">
   <thead>
    <tr style="background: #eff6f3;">
     <th style="padding: 12px 14px; text-align: left; font-weight: bold;" scope="col">Exchange</th>
     <th style="padding: 12px 14px; text-align: right; font-weight: bold;" scope="col">Open interest</th>
    </tr>
   </thead>
   <tbody>
    <tr style="border-top: 1px solid #e5eee9;">
     <td style="padding: 12px 14px; font-weight: 600;">Binance</td>
     <td style="padding: 12px 14px; text-align: right; font-weight: bold; white-space: nowrap;">~$1.00B</td>
    </tr>
    <tr style="border-top: 1px solid #e5eee9; background: #f8fbf9;">
     <td style="padding: 12px 14px; font-weight: 600;">Bybit</td>
     <td style="padding: 12px 14px; text-align: right; font-weight: bold; white-space: nowrap;">$551.6M</td>
    </tr>
    <tr style="border-top: 1px solid #e5eee9;">
     <td style="padding: 12px 14px; font-weight: 600;">Hyperliquid</td>
     <td style="padding: 12px 14px; text-align: right; font-weight: bold; white-space: nowrap;">$505.4M</td>
    </tr>
    <tr style="border-top: 1px solid #e5eee9; background: #f8fbf9;">
     <td style="padding: 12px 14px; font-weight: 600;">OKX</td>
     <td style="padding: 12px 14px; text-align: right; font-weight: bold; white-space: nowrap;">$356.0M</td>
    </tr>
   </tbody>
  </table>
  <div style="background: #eaf5ef; padding: 12px 14px; border-top: 1px solid #d7e9df; font-size: 12px; color: #245a47; line-height: 1.5;"><strong>Combined exposure:</strong> Approximately $2.41B across these four venues.
  </div>
 </div>
</div>
<p>These venues account for approximately 93% of the reported total, concentrating a substantial share of derivatives exposure among a small group of platforms.</p>
<p>The figures do not reveal whether traders are predominantly positioned for a recovery or further downside. That would require funding-rate and liquidation data.</p>
<p>Still, relatively stable open interest alongside falling spot prices leaves scope for sharp moves around the Fibonacci resistance.</p>
<p>A successful reclaim could pressure bearish positions, while another rejection could increase liquidation risk among leveraged longs.</p>
<h2 id="alpenglow-adds-a-new-dimension-to-solana-s-tokenomics">Alpenglow Adds a New Dimension to Solana’s Tokenomics</h2>
<p>Solana’s October 21 <strong><a href="https://ethnews.com/jpmorgan-brings-two-tokenized-funds-to-solana-after-alpenglow/" rel="noopener noreferrer nofollow">Alpenglow activation introduced</a></strong> changes extending beyond its targeted finality of approximately 150 milliseconds.</p>
<p>The upgrade replaces the previous consensus architecture with Votor and introduces a Validator Admission Ticket mechanism.</p>
<p>Under the Solana Foundation’s technical specifications, admitted voting validators pay 0.8 SOL per epoch, with the payment burned rather than redistributed.</p>
<p>This replaces the previous recurring voting-transaction costs, estimated at approximately 1 SOL per epoch, with a more predictable validator-side expense.</p>
<p>The economic implications are distinct from conventional transaction-fee burns.</p>
<p>Aggregate VAT burns depend on validator participation, while the mechanism also changes the operating-cost structure for validators. Its net effect on SOL supply must therefore be assessed alongside token issuance, staking incentives and other fee-burning mechanisms.</p>
<p>Importantly, Alpenglow does not change transaction execution or the existing user transaction-fee structure.</p>
<p>That distinction matters as Solana reports expanding network activity. October figures included $5 billion in tokenized real-world asset value, $60 billion in decentralized exchange volume and 14 million stablecoin-holding addresses.</p>
<blockquote class="twitter-tweet">
 <p>Solana replaced its consensus protocol in October. Alpenglow went live on mainnet on the 21st, targeting ~150ms finality.</p>
 <p>October was a month of records across network speed, tokenized assets, payments, and institutional access.</p>
 <p>Here are a few figures that mattered: https://t.co/noXLQf97K2</p>
 <p>— Solana (@solana) <a href="https://x.com/solana/status/2118713466349552092?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 6, 2026</a></p>
</blockquote>
<p>Those figures demonstrate growing use of the network, but transaction volume and asset value are not equivalent to revenue captured by SOL holders.</p>
<p>The validator fee-burn mechanism introduces a measurable token-supply component, although its economic significance will depend on actual validator participation and burn totals.</p>
<h2 id="what-comes-next-for-sol">What Comes Next for SOL?</h2>
<p>Solana’s immediate market test remains the recovery of former Fibonacci support.</p>
<p>A confirmed reclaim would improve the technical outlook, while another rejection would leave deeper retracement levels exposed.</p>
<p>ETF flows will indicate whether investment-product demand is stabilizing, and derivatives data will help determine whether leverage is amplifying the next move.</p>
<p>For now, network progress provides a longer-term fundamental consideration, but buyers have yet to establish control of the daily price structure.</p>
<p>The post <a href="https://ethnews.com/solana-faces-technical-test-as-etf-outflows-reach-114-million/" rel="noopener noreferrer nofollow">Solana Faces Technical Test as ETF Outflows Reach $114 Million</a> appeared first on <a href="https://ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.</p>

Solana Faces Technical Test as ETF Outflows Reach $114 Million

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