Solana (SOL) is attracting selective investor interest even as the overall crypto market remains under pressure. While plummeting prices across major tokens have weighed on sentiment, recent capital flow data and on-chain activity suggest that capital has not completely left the ecosystem.
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Rather, market participants appear to be distinguishing between short-term price weakness and long-term network usage, creating a complex but noteworthy situation for SOL, which trades around $79.
SOL price records losses on daily chart. Source: SOLUSD on Tradingview
Solana ETF inflows stand out against broad outflows
On February 5th, US spot crypto ETFs recorded uneven capital movements. The Bitcoin Spot ETF saw net outflows of approximately $434 million, while the Ethereum fund saw net outflows of approximately $80.8 million. In contrast, the Solana Spot ETF recorded net inflows of $2.82 million, according to data compiled by SoSoValue.
Although modest in absolute terms, the inflows were notable relative to broader trends in risk reduction. This data suggests that some institutional and professional investors are maintaining or adding limited exposure to Solana-related products despite continued volatility in digital asset markets.
Network activity showed similar contrasts. Solana has processed over $31 billion in decentralized exchange (DEX) spot trading volume over the past week, indicating continued user engagement despite the drop in prices. This disconnect between price trends and activity has been a recurring theme during recent market stresses.
Price pressure and bear market structure
Despite ETF inflows, SOL price action remains weak. The token has fallen more than 30% over the past week, briefly trading in the $67-$68 range before rebounding to $80. Technical indicators continue to reflect bearish momentum.
Futures data shows a decline in participation, with Solana's open interest falling to around $5 billion, its lowest level since mid-April 2025. Funding rates have also turned negative, while the long-short ratio remains below 1, indicating more traders are bracing for further declines.
On the chart, SOL is still in a clear downward trend. Selling pressure accelerated below key psychological levels around $100 and $85. Analysts currently point to $82 and $76 as near-term support, but $60 remains a downside risk if the sell-off strengthens.
Institutional investor interest remains despite volatility
Apart from the price chart, institutional developments continue to support Solana's long-term story.
Recent announcements include corporate finance initiatives using the Solana blockchain and partnerships in Asia focused on tokenizing traditional securities. These moves highlight continued experimentation with Solana's infrastructure despite unfavorable market conditions.
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Currently, SOL is at the intersection of short-term momentum weakness and organizational and network strength. While the $2.82 million in ETF inflows doesn't reverse the broader downward trend, it confirms that interest in Solana remains, despite market stress.
Tradingview ChatGPT, SOLUSD chart cover image
