SOL Gains Ground Despite Solana ETFs Posting Huge Outflows

The Solana (SOL) based exchange-traded funds (ETFs) freshly registered a fourth consecutive week marked with multi-million outflows. October’s treatment has been brutal for most Solana ETFs, now slimming by nearly $100 million since the beginning of the month.

The latest balance adjustment came from Grayscale. Their ETF product runs under the GSOL ticker and just dumped $19.16 million, reducing their cumulative net assets to $153.04 million. This hardly matches with June, the only other month in the red, when Solana ETFs shrank by $787K.

Based on Solana’s moving-average ribbons & the Bollinger Bands, now the altcoin’s ability to stay above the $100 psychological level is a top priority. There’s the lower-tier Bollinger Band at $99.21, providing a demand zone that’s a few dollars above the mid-tier moving average ribbon.

Now, Solana’s (SOL) bulls will be looking to conquer the mid-tier Bollinger Band (BOLL) at roughly $104.89, before taking off to $110: this Solana price range confirms a bullish trend reversal that has previously served as a support floor in Solana’s rallies towards $250 - $260. The main question remains whether SOL can conquer the bouquet of upper moving averages.

If reliable footing is established above $110 on the daily charts, Solana’s (SOL) way towards $155 is met with a couple of confluent resistance clusters, particularly at $125 and $135. MCO Global Research places a swing low at $98.62. The firm thinks a new low would add evidence for further downside, while a move above the $110 resistance would undo its bearish count.

The Elliott Wave-based Solana price chart analysis concludes that a sustained move above $109.20 would draw immediate bullish power to contest the upper confluent resistances.

Until that manifests on the charts, MCO Global Research said the more likely Elliott Wave move is a downwards 1-2 count with a new low below $98.62 adding fuel to the bearish near-term bid.

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