Solana: A Tragedy in 19% 🎭

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Ah, Solana (SOL). Still adrift in November’s uncertain currents, a vessel seemingly incapable of charting a decisive course. A regrettable 4% decline over the past week, compounded by a nearly 19% plunge this month…even a fleeting flirtation with Halloween festivities failed to lift its spirits. Now languishing near $186, it’s quite hopelessly trapped between the paltry sums of $178 and $209. One begins to wonder if a more dramatic gesture – perhaps a complete rebranding – is in order. 🙄

While the exodus of funds has, thankfully, slowed to a mere trickle, a select coterie of traders appear determined to maintain the status quo of melancholic stagnation. Such dedication to the mundane is…fascinating.

Big Money Still Playing Hide-and-Seek

The Chaikin Money Flow (CMF), that rather sensitive barometer of investor enthusiasm, refuses to deign to rise above zero.

A brief, almost pathetic, attempt at positivity between October 27th and 31st was swiftly extinguished, revealing that our sophisticated investors continue to discreetly relocate their funds away from Solana. A most uncharitable act, wouldn’t you agree?

Until the CMF performs a triumphant ascent above zero, these crucial inflows will remain conspicuously absent, effectively capping any potential…shall we say, uplift for Solana.

Should you crave further insights into these…complexities, Editor Harsh Notariya’s Daily Crypto Newsletter awaits your subscription. A truly delightful way to spend one’s time.

The recently unveiled Bitwise Solana Staking ETF (BSOL) managed to attract $132 million in inflows, a commendable feat, no doubt. However, given that much of this derives from existing SOL reserves (a rather clever accounting trick, one might suggest) and is entangled in the mysterious world of staking, its impact on genuine spot market demand is…questionable.

This, my dears, may well explain the persistent gloom surrounding Solana’s CMF.

JUST IN: 🇺🇸 $BTC and $ETH ETFs saw $1.4B in combined net outflows in past three days, while $SOL ETFs recorded a $132M net inflow.

– BeInCrypto (@beincrypto) November 1, 2025

Despite the fanfare surrounding the ETF and the general murmurings in the press, Solana’s price has dared to decline by 4% this week. A rather damning indictment of the power of passive investment, wouldn’t you say? It appears hope is a fragile commodity indeed.

Interestingly, Solana’s Holder Net Position Change – a rather dry term for the ebb and flow of long-term wallet activity – paints a slightly more optimistic picture.

On October 3rd, outflows peaked at a rather alarming -11.43 million SOL. By October 31st, this had improved to -1.91 million SOL, a reduction of 83%! A small victory, perhaps, but a victory nonetheless. One detects a subtle shift in the winds.

This indicates that while holders are still parting with their Solana, they are doing so with a degree of restraint. A most civilized approach, all things considered.

Solana Price Chart: A Portrait of Pessimism

Despite the lessening tide of seller desperation, the Solana price chart remains disturbingly vulnerable. A broadening rising wedge pattern looms large, a harbinger of exhaustion and potential collapse. Such patterns rarely lead to joyous outcomes.

The lower trendline, repeatedly tested since August, has been subjected to considerable pressure since mid-October. A most undignified position for a trendline, wouldn’t you agree?

Between October 13th and 26th, Solana’s price dared to make a lower high, whilst the Relative Strength Index (RSI) cheekily recorded a higher high.

This creates a hidden bearish divergence – a pattern suggesting the larger Solana price downtrend is likely to persist. A most disheartening revelation.

To reclaim its composure, Solana must first conquer $198, then triumphantly surpass $209. That would, ostensibly, open a path towards $237. However, should $178 fall (a mere 4.53% dip, a trifle in the grand scheme of things), a descent to $155 is more than probable – a decline of around 14%. Such a spectacle would provide further ammunition to the bearish hypothesis. 😮

To dispel this gloom, the CMF must, of course, ascend above zero, and investors must rediscover the joys of net buying. Such a display of confidence could potentially propel the SOL price past $198 in the short term. One can always dream, can’t one?

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2025-11-02 14:18