Solana Holds $130 Support as Spot ETFs Continue Strong Inflows

• Spot SOL ETFs have attracted net investments of $476 million despite Solana’s price reduction of nearly 30%.
• Bitwise’s BSOL ETF leads demand, capturing $424 million, or 89% of overall net flows into SOL ETFs.
• 21Shares’ TSOL launches with an AUM of $100 million, intensifying competition in Solana ETF market.

Solana’s spot exchange-traded funds (ETFs) are continuing to attract significant investment, even as the crypto faces a sharp price decline. Since their launch, these instruments have attracted net investments of $476 million, registering interest for 17 consecutive days. The price of SOL has declined by 30% to date, moving from $186 to $130.

21Shares Solana ETF Launches With $100 Million

Bitwise’s BSOL ETF has dominated the inflows, accounting for 89% of total net flows with $424 million. Additionally, BSOL ETF posted net flows of $35 million on November 19, which marked its third-largest single day and the largest single day since November 3.

21Shares has officially launched its spot Solana ETF, TSOL, marking a notable entry in the growing Solana ETF market. The fund opens with $100 million in assets under management (AUM) and charges a modest fee of 21 basis points. According to ETF analyst Eric Balchunas, has pointed out that overall, spot SOL ETF offerings so far have managed to raise $2 billion.

Analysts​‍​‌‍​‍‌ mention that the launch of TSOL intensifies the competition of Solana ETFs, providing investors another tradable product to get exposure to the crypto asset. ​‍​‌‍​‍‌

Currently, SOL is trading at $132.42, with a 24-hour trading volume of $18.15 billion, market capitalization of $73.52 billion, and market share of 2.5%. The price of SOL has declined by 7.36% over the last 24 hours, indicating a downward trend. 

Source: TradingView

Also Read | Solana Price: Can the Rebound from $130 Trigger a Move Toward $250?

Solana Holds Key Support Around $130

Crypto analyst Crypto TXG points out that SOL is testing an important support at $130, with potential support at $180 if support is maintained at this level, although support at $125 may follow before a significant rally. The response of SOL at this level will be crucial for its next significant movement. 

Source: X

Spot SOL ETFs continue to show solid investor interest in SOL, in spite of considerable price pressure in the shorter-term market, thereby symbolizing rising investor interest in organized cryptocurrency investment products.

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