Solana (SOL) is currently trading at approximately $95.27 as of November 1, following a significant correction in October that erased much of the preceding rally that had seen the token surpass the $120 mark. This downturn raises questions about the cryptocurrency’s potential recovery and future price targets.
The recent trading activity indicates a strong technical focus on the $93-$96 zone, which combines a rising trendline with resistance levels from earlier in the year. SOL opened the day near $95.29, briefly touching $95.80 before dipping to $95.10, positioning it directly on a crucial trendline that has been supportive since June, when prices were around $60.
Should Solana maintain its footing in this critical zone, there may be opportunities for the token to rebound towards $100 and potentially $110. However, a decisive break below the trendline could signal a weakening chart structure, with major support levels resting around $78-$82, and summer lows near $70 looming below.
Current momentum indicators reflect a bearish sentiment, with the daily Relative Strength Index (RSI) sitting at 30.30, just above oversold territory, while the Moving Average Convergence Divergence (MACD) suggests a downward trend with both lines positioned below zero.
ETF Outflows Impacting Price Action
Adding to the pressure on SOL are the recent outflows from U.S. Solana ETFs, which reported a net loss of $10.8 million on October 30, extending a streak of five consecutive days of outflows. October proved to be the weakest month on record for U.S. Solana ETFs, with cumulative outflows reaching approximately $143.8 million, despite the products still holding around 14.8 million SOL, roughly 2.5% of the circulating supply.
The total assets under management currently stand at about $1.40 billion, with cumulative inflows since launch at around $1.48 billion. The outflow trend has raised concerns among investors about the sustainability of Solana’s price amid this backdrop.
Network Activity Remains Robust
Despite the headwinds from ETF outflows, Solana’s underlying network activity remains robust. As of October 30, the blockchain boasted a total value locked (TVL) in decentralized finance (DeFi) of approximately $5.37 billion, alongside $15.17 billion in stablecoin assets. The network processed roughly 102.7 million transactions in a 24-hour period, with about 2.66 million active addresses contributing to the high transaction volume.
However, liquidity measures appear weaker, with stablecoin supply experiencing a 3.1% decline over the past week. Weekly DEX volumes also saw a drop of about 8%, while perpetual-futures volume fell by approximately 36%.
In terms of technological advancements, the recent launch of Alpenglow on the mainnet has significantly reduced target transaction finality from around 12.8 seconds to approximately 150 milliseconds, with further upgrades scheduled for the upcoming months. Additionally, Samsung Wallet has begun rolling out USDC transfers on Solana to an estimated 82 million U.S. Galaxy devices, which could enhance user engagement.
Looking ahead, analysts at Standard Chartered have adjusted their end-2026 target for Solana to $250, down from a previous estimate of $310. The bank notes a shift in Solana’s utility from speculative trading to stablecoin-based micropayments. For SOL to reach $150 from its current price of about $95, it would require a 58% increase. A move to $250 would necessitate a more ambitious gain of over 160%.
The analysis outlines a base-case year-end range for SOL between $110-$140, with a bullish scenario requiring SOL to hold above the $93-$96 range, reclaiming $105-$110, and breaking above $120. Conversely, a bearish outlook begins with a sustained break below $93, which could expose support levels around $78-$82.
