Solana Price Analysis: ETF Inflows Cross $300M as SOL Plunges Below 20-Day MA
Solana found support at $218 after declining 1.2% in 24 hours, mirroring broader crypto weakness following Fed rate cuts. Despite retail pullback, institutional demand remains robust with significant ETF inflows and whale accumulation.
REXShares' Solana ETF attracted $27 million in fresh capital, bringing total assets under management to $306 million milestone.
Helius Medical Technologies invested $175 million in SOL as part of larger $500 million treasury diversification strategy.
Technical indicators show bearish momentum with SOL breaking below 20-day MA, risking further decline toward $196 support level.
SolanaSOL$123.124h volatility:0.3%Market cap:$69.23 BVol. 24h:$2.09 B
price found support at the $218 level on Tuesday, Sept. 23, after sliding another 1.2% in the past 24 hours. The lagging start to the week mirrors the broader crypto market downturn, as investors shifted capital toward gold after the Fed’s rate cut.
Despite the macro jitters subduing retail demand, institutional appetite for SOL remains strong. On Tuesday, SolanaFloor reported that REXShares’ Solana Staking ETF (SSK) continued to post steady inflows, adding $27 million in the last 24 hours.
🚨BREAKING: The first U.S. Solana staking ETF, $SSK by @REXShares, continues daily inflow momentum, adding $27M yesterday and lifting total AUM to $306M. pic.twitter.com/mc3Ys2ODGu
The inflows reflect a trend of institutional investors seeking staking yield exposure instead of exiting during market weakness. By reducing exchange supply, these steady allocations could ease sell-side pressure, positioning SOL for a rapid rebound if sentiment improves.
“We are excited to embark on our SOL accumulation plan in an efficient manner. The initial accumulation at a lower cost basis than recent market prices, while still retaining the large majority of its capital raised for more opportunistic purchases, showcases how laser focused the team is on maximizing shareholder value by having market awareness and being responsible stewards of capital,” said Cosmo Jiang, Board Observer at HSDT and General Partner at Pantera Capital.
The firm disclosed holdings of 760,190 SOL at an average cost basis of $231, alongside $335 million in cash reserves earmarked for further Solana acquisitions.
At press time, Solana trades at $219.24, slipping beneath the 20-day moving average at $226.98. This marks a short-term breakdown in the bullish cycle that saw SOL price hit 8-month peaks at $253 on Sept. 18.
Moreover, the MACD line at 7.72 has crossed below the signal line at 10.48, flashing a bearish momentum shift. The histogram also shows deeper red bars, confirming short-term oversold conditions, which may trigger a corrective bounce toward the 20-day MA near $227.
As seen below, Solana price has dropped near $218 at press time with a longer lower shadow on the daily candle indicating active support purchases.
Immediate support lies at $218, with stronger protection near $200, coinciding with the Bollinger lower band. However, with crypto market volumes wearing thin, SOL risks another major reversal toward $196.
Conversely, bulls must reclaim the 20-day MA at $227 to reclaim dominance, with long-term upside targets looming at September highs near $260, if whale accumulation and ETF inflows persist.
Best Wallet Presale Hits $16M amid Solana’s Whale Demand Surge
Solana’s institutional demand surge has also buoyed demand for early-stage projects like Best Wallet (BEST), amid the current market correction phase.
Beyond multi-chain storage, Best Wallet offers institutional-grade security features, making it appealing for both retail traders and fund managers seeking exposure to assets across different sectors of the crypto markets as volatility intensifies.
Best Wallet Presale
At press time, the Best Wallet presale has raised over $16.05 million. Participants can still secure BEST tokens at $0.0256 each before the next price tier unlocks, with just over four hours remaining at current levels.
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I’m a research analyst with experience supporting Web3 startups and financial organizations through data-driven insights and strategic analysis. My goal is to help organizations make smarter decisions by bridging the gap between traditional finance and blockchain innovation.
With a background in Economics, I bring a solid understanding of market dynamics, financial systems, and the broader economic forces shaping the crypto industry. I’m currently pursuing a Master’s degree in Blockchain and Distributed Ledger Technologies at the University of Malta, where I’m expanding my expertise in decentralized systems, smart contracts, and real-world blockchain applications.
I’m especially interested in project evaluation, tokenomics, and ecosystem growth strategies, as these are areas where innovation can drive lasting impact. By combining my academic foundation with hands-on experience, I aim to provide meaningful insights that add value to both the financial and blockchain sectors.
