Solana price stays under pressure as ETF outflows test demand

Solana price remained under pressure on Wednesday, November 4, as investors weighed muted demand for U.S.-listed spot exchange-traded funds against continued development in the network's tokenized-asset ecosystem. FXStreet, published by TradingKey, reported SOL at 91.26 USD on November 4 and said the token was down more than 3.5 percent for the week.

ETF flows remain a headwind

Capital flows into spot products have weakened. TokenPost reported that the seven U.S. spot Solana ETFs recorded no net flow on November 2, while their combined outflows over the five latest trading sessions reached 63.4 million USD. The same report put cumulative net flows since launch at 1.46 billion USD, a longer-term figure that does not offset the recent withdrawals.

FXStreet also cited a SOL long-to-short ratio of 0.92 on Wednesday, with a reading below one indicating that short positions exceeded long positions. The publication said SOL was trading below its 50-day, 100-day and 200-day exponential moving averages, which it identified at 102.78 USD, 99.61 USD and 98.39 USD, respectively. These levels are technical reference points, not forecasts, but they show the resistance area that the token would need to regain for momentum to improve.

Network activity offers a counterpoint

Network adoption data presents a more constructive longer-term picture. Yahoo Finance, republishing a TheStreet report, said data from RWA.xyz put the value of tokenized real-world assets on Solana at 5.12 billion USD on November 2. That was 17.61 percent above the level 30 days earlier. The data also showed 860,511 wallets holding such assets and 3,516 tokenized assets on the network.

Transfer activity was also reported at 16.20 billion USD over the preceding 30 days, an 80.11 percent increase from the prior period. Those figures indicate growing use cases for Solana beyond short-term token trading, although they do not establish a direct link to SOL's near-term price.

What investors are watching

The current setup combines short-term demand pressure with evidence of expanding network use. The Solana price therefore remains sensitive to ETF flows, broader crypto sentiment and technical resistance, while tokenized-asset growth provides a separate measure of ecosystem development. For investors, the key distinction is between infrastructure progress and immediate market demand: the former can continue while the latter remains weak.

More Solana coverage is available on the Solana topic page.