Solana (SOL) traded around $71 on Thursday, extending a decline that erased more than 2.5% of its value over the previous two days.
Price Trajectory
The cryptocurrency remains trapped below key moving‑average thresholds, limiting upside potential despite modest trading volume. Analysts note that the price level near $71 has acted as a resistance zone, preventing a rebound in the short term.
Technical charts show that SOL failed to break through the recent support zone, reinforcing a bearish outlook for the next trading session.
Institutional Flow
Spot ETF products linked to Solana recorded a net inflow of $1.06 million on Wednesday, according to SoSoValue data, marking the third consecutive day of capital accumulation this week.
Even with growing investor interest in ETF vehicles, the influx has not translated into price appreciation, suggesting that institutional demand is still weighed down by broader market caution.
Derivatives Sentiment
CoinGlass reports a long‑to‑short ratio of 0.91 for SOL on Thursday, a figure that sits below the neutral 1.0 benchmark and reflects a dominance of short positions. This ratio represents one of the lowest readings observed in the past 30 days.
Funding rates turned negative on Tuesday and settled at –0.0036% on Thursday, indicating that short sellers are paying longs to maintain their positions, a clear sign of prevailing pessimism among crypto investors.