Solana (SOL) News Today: Why SOL Is Down – 01 November 2026

Solana news today centers on a sell-off that followed a security incident at Binance, while spot ETF redemptions and network upgrades continued in parallel. Solana trades at $95.42, down 1.02% over 24 hours, after falling below $100 on October 29.

Binance security incident weighs on sentiment

Binance said its hot wallets were compromised at around 20:05 UTC on October 29, with an estimated impact of about $6.3 billion in token assets. The exchange said roughly $3 billion had been frozen on-chain by October 30 and that user funds were safe. By October 31, Binance said it had covered 90% of the impacted amount and listed SOL among the tokens it described as fully backed.

CoinMarketCap's AI analysis attributed Solana's October 30 decline mainly to panic selling tied to breach rumours, which drove more than $590 million in long liquidations across crypto within one hour. The analysis described the move as sentiment-driven rather than a deterioration in Solana's network.

Spot ETF outflows continue

U.S. spot Solana ETFs recorded $19.16 million in net outflows on October 27, their largest daily withdrawal since December 3, 2025. Outflows continued with $5.66 million on October 28. TokenPost, citing Farside data, reported a further $27.69 million outflow on October 29, and PANews, citing SoSoValue data, reported $10.742 million in net outflows on October 30. Cumulative net inflows remain positive at $1.48 billion.

Network and validator developments

Alpenglow, Solana's consensus upgrade, has been live on mainnet since epoch 1064 began on October 21, 2026. On October 30, Anza told mainnet-beta validators that Agave v4.4.0 is "recommended for general adoption," three days ahead of its November 2 target. Feature activation on mainnet is tentatively scheduled for November 9.

A validator discussion summary reported that Blockdaemon-operated Solana validators were compromised and that the attacker changed withdrawal authority on affected validators. Solflare said it will compensate users for staking rewards missed since October 26 if they move their stake to its new validator by November 1.

Institutional and payments expansion

On October 29, Polygon Labs added Solana to its Open Money Stack, allowing Solana businesses to move funds between bank accounts, stablecoins and payouts. On October 30, Anchorpoint Financial, a Hong Kong-licensed stablecoin issuer, announced a collaboration with the Solana Foundation to enable native minting and redemption of its Hong Kong dollar stablecoin, HKDAP, on Solana. Anchorpoint said Solana supports approximately $4.9 billion in tokenized real-world assets and more than 835,000 RWA holders.

Derivatives positioning

Open interest in SOL futures stands at $5.68 billion, up 1.24% over the two-day window, and the trend is classified as stable. Over the last 24 hours, total SOL liquidations reached $895.70K, with longs making up 69.7%. The current funding rate is 0.0063% per eight-hour period, which sits well inside the range that typically signals extreme leverage.

Long accounts make up 75.2% of SOLUSDT accounts on Binance, a long/short ratio of 3.04. Readings above 65% have often preceded local tops, though the metric counts accounts rather than position size. The Fear & Greed Index reads 35 (Fear) as of November 1, 2026, a market-wide measure that includes Bitcoin rather than a Solana-specific reading.

Solana price today stands at $95.42, down 1.02% over 24 hours. The move is mild, but it follows a sharper selloff on October 29 and 30 that pushed SOL below $100. Over seven days the token is down 6.65%, and over 30 days it is down 19.58%.

The decline is part of a wider crypto selloff. Binance estimated that an October 29 hack drained about US$6.3 billion in assets, and the attacker took Ethereum and stablecoins rather than Solana, so the drop reflected contagion rather than a Solana-specific failure. Solana's status page recorded no incidents from October 24 through October 30.

Leverage Unwind

Derivatives data points to deleveraging rather than new short selling. Solana futures open interest stands at $5.68B, down 8.92% over seven days and below its period average of $6.12B. Open interest falling during a price decline usually means longs are closing positions. Bitcoin open interest moved only -1.42% over the same window, so Solana is shedding leverage faster than the majors.

Liquidations were modest. About $895.70K was liquidated across Binance, Bybit and OKX over 24 hours, with longs accounting for 69.7%. That is small relative to $1.76B in 24-hour trading volume, which suggests gradual selling rather than a forced-liquidation cascade. Funding is neutral at 0.0063% per eight hours, but Binance SOLUSDT global accounts remain 75.2% long, a crowded position that leaves the market exposed to further downside if sentiment weakens.

ETF Outflows and Whale Selling

U.S. spot Solana ETFs have recorded persistent outflows. They lost $19.16 million on October 27, $5.66 million on October 28 and about $28 million on October 29. Outflows reached $10.742 million on October 30, with Bitwise's BSOL accounting for $9.26 million. Cumulative net inflows fell to $1.513 billion from $1.618 billion in late September.

A single wallet also sold about 1.02 million SOL over five days, worth about $104.3 million, adding supply pressure during the same period.

Macro Pressure

The Federal Reserve held rates at 3.75% to 4%, with two officials dissenting in favor of a hike. Markets priced an 86% chance of a December hike, which reduced appetite for higher-beta assets. The Fear & Greed Index reads 35 (Fear), down 16 points over seven days.

Technical Levels

Solana trades just below resistance at $96.22 and $97.32, with the $100 level now acting as overhead resistance. Support sits near $95 and $92.64. The 14-period RSI of 39.0 is not oversold, which leaves room for further downside if the $95 support fails.

Solana market sentiment is cautiously bearish as of 1 November 2026. Fear readings, spot ETF outflows and a crowded long position outweigh steady community activity and strong longer-term institutional inflows.

Social media and community mood

Discussion on X from roughly 18 October to 1 November is constructive in tone but moderate in volume. Bullish commentary centres on accumulation and cycle targets. @Saif_Trades outlined a spot long with a $255 target, while @CryptoCurb argued for $1,000, an outlier view. Community activity, including Halloween events, meme launches and artist drops, appears largely independent of price.

Bearish voices are less amplified. One FuturesWire post cited 85% bearish sentiment following ETF outflow headlines, as reported by CoinStats. Community discussion has centred on whether SOL holds the $100 level.

Trader positioning

Derivatives data shows crowded longs without extreme leverage. Long accounts made up 75.2% of SOLUSDT accounts on Binance, above the 30-day average of 71.1%. Contrarian frameworks treat readings above 65% as a warning sign. Funding is neutral at 0.0063% per day, with longs paying in 26 of the last 30 observations, well below the 0.03% level associated with overheated long leverage.

Open interest stands at $5.68B, down 18.04% over 30 days and about 26% below its period high of $7.67B. Falling open interest alongside weak prices suggests positions are closing rather than new shorts building conviction. Over the past 30 days, liquidations totalled $352.99M, with the largest single event at $53.07M on 8 October, and long positions dominated the downside stress.

ETF flows

ETF flows are the most negative indicator. U.S. spot Solana ETFs ended a 14-week inflow streak with a $24.8M net outflow in the week ending 9 October, their largest weekly outflow since launch in October 2025. Outflows continued, with $19.16M leaving on 27 October, the largest daily outflow since 3 December 2025, and about $10.7M more on 30 October.

Longer-term demand remains positive. Blockworks reported that SOL spot ETPs took in $492.3M in Q3 2026, over four times Q2's $113.7M. Hong Kong launched a second spot Solana ETF on 13 October.

Recent shifts and drivers

Sentiment has weakened over the past week. The Fear & Greed index fell 18 points over seven days to 35 (Fear), from a 30-day high of 74 (Greed). The index is market-wide rather than specific to SOL.

Network news has not lifted mood. Alpenglow activated on mainnet on 21 October, cutting target finality from about 12.8 seconds to roughly 150 milliseconds, yet analysts pointed to broader risk-off conditions (TradingKey). Active addresses reached a 13-month high of 1.88M earlier in October, while DEX volume fell 16.45% week over week to $1.856B on 30 October.

Reports on a Binance security incident on 29 October conflict. One source first described it as unconfirmed rumours, then as a $6.36B hack. This claim remains unverified, and ETF flow figures also differ slightly across trackers. The central tension is between spot demand and community strength on one side and ETF redemptions on the other. The next signals to watch are weekly ETF creation and redemption data and Binance reserve updates.

Solana support and resistance levels sit in a band between roughly $92 and $104, with Solana trading near the bottom of that range at $95.42 after a weak week and month. The 24h change of -1.02% keeps pressure on short-term momentum, while the broader trend remains far below its peak.

Momentum and moving averages

Daily RSI readings cluster near 31 across sources, in the weak zone. CoinMarketCap AI recorded 29.31 on 30 October and labelled the market oversold.

MACD (12, 26, 9) is bearish. The line sits at -3.43 against a signal of -2.7, with a histogram of -0.72.

Price trades below the short and mid-term averages. CoinLore lists the 20-day EMA at $103.63, the 50-day EMA at $104.91 and the 100-day EMA at $100.25. The 200-day SMA sits between $88.60 and $88.74 across sources, and price remains above it.

Key support levels (daily)

• $94.55–$96.26: First support cluster, with the S2 level at $95.11 rated strong
• $93.38–$93.40: Classic pivot and S3 level
• $88.60–$88.70: 200-day SMA, identified as major support
• $80: Measured-move target of a daily head-and-shoulders pattern

Key resistance levels (daily)

• $97.94–$98.57: First resistance band
• $100–$101: Psychological level, former support and the neckline of the head-and-shoulders pattern
• $101.78–$103.32: Second and third resistance levels, with the daily R1 at $102.43 and the weekly pivot at $103.07
• $105.72–$106: 50-day EMA zone cited by FXStreet
• $119–$122: Major overhead supply from the one-month peak of $121.94 on 2 October

Chart patterns

A daily head-and-shoulders formation is widely cited, with the left shoulder near $111, the head near $125 and the right shoulder projected near $115. The neckline sits near $100, and a decisive daily close below it points to $80. CoinLore reports no confirmed pattern, so the formation is best read as a scenario rather than a settled structure.

Trading volume

The 24h volume of $1.76B confirms that SOL remains highly liquid during the pullback. Coinstats reported that volume on 30 October ran 2.8 times its 30-day daily average during a sell-off linked to a Binance security incident and leveraged liquidations. Binance volume on 29 October was about 50% above its 20-day average.

Open interest stands at $5.68B, down 17.98% over 30 days, while long positions hold 75.3% of Binance long and short accounts. That crowding raises the risk of long liquidations if price breaks lower.

Short-term outlook (hourly to daily)

The bias is bearish but oversold. Reclaiming the $98–$103 band is needed to improve momentum. Failure to do so keeps the market exposed to a retest of $92 and then $88, and a loss of $95 opens the $88–$93 zone.

Medium-term outlook (weekly)

The broader structure stays constructive only if price rebuilds above $110 and challenges the $119–$122 supply zone. The $88–$89 area is the key test for the weekly uptrend. A break of $100 on heavy volume would confirm the head-and-shoulders target near $80.