Recent Solana price analysis shows the cryptocurrency faces serious obstacles overcoming $145 resistance after recording net outflows in its ETFs. According to data from analytics firm Nansen, network activity has weakened considerably this week, which halts the bullish momentum needed to recover higher price levels in the short term.
The Total Value Locked (TVL) in the ecosystem has decreased by 20% so far in November, falling from September highs to 9.1 billion. Leading protocols like Jito and Raydium suffered drops exceeding 30% in their deposits during the last thirty days. Additionally, the 36 million dollar hack on Upbit’s hot wallet added immediate uncertainty, interrupting deposits and withdrawals on the South Korean exchange.
Will the 140 dollar support withstand the current institutional selling pressure?
On the other hand, network fees fell by 16%, signaling lower real demand from users on the blockchain. Technically, the six-hour chart has formed a classic bear flag pattern following the rejection at 170 dollars. If the price breaks the current support of 140 dollars, it would validate a continuation of the negative trend towards lower targets of technical support.
Likewise, Solana exchange-traded funds recorded their first daily net outflow of 8.2 million dollars, breaking a positive streak since their launch. This suggests that institutional interest is waning in the face of weak operational fundamentals. If large investors continue to reduce their exposure, the lack of liquidity could exacerbate volatility, hindering any attempt to rebound towards the 150 dollar zone.
Consequently, traders are closely watching the 145 dollar level, which has already rejected the price on three consecutive occasions according to technical analysts. If the current critical support is not sustained, it is highly likely that the asset will descend towards 99 dollars, representing a total loss of 30% from current levels.
