Solana (SOL) has entered the final stretch of 2025 under sustained pressure, caught between a weakening price structure and signs of steady institutional interest.
Following a sharp 39% decline in the fourth quarter, SOL is struggling to regain momentum, trading in the low-$120 range as traders focus on whether key support levels can be sustained. The contrast between falling network activity and continued inflows into investment products has left the market divided on what comes next.
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While ETF-linked demand suggests confidence in Solana’s longer-term relevance, near-term price action remains fragile. With liquidity thinning toward year-end and broader crypto sentiment still cautious, SOL’s ability to defend lower support zones may shape how the market opens 2026.
SOL's price trends to the downside on the daily chart. Source: SOLUSD on Tradingview
Solana Network Slowdown and Bearish Technical Signals
One of the main pressures on SOL has been a sharp drop in on-chain activity. The number of active users on the network decreased from approximately 30 million in late 2024 to under one million in Q4 2025, resulting in a decline in fee revenue and weakening demand for the token.
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This slowdown has coincided with a broader market pullback, as the total crypto market capitalization slipped toward $2.9 trillion and investors withdrew nearly $1 billion from digital asset investment products in a single week.
Technically, momentum indicators remain tilted to the downside. SOL has posted a negative MACD reading and an RSI below neutral levels, while repeated failures to reclaim the $126–$130 zone have triggered long liquidations.
Analysts warn that a loss of the $120 area could expose SOL to a deeper move toward $110, a level increasingly cited as a critical downside marker.
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ETF Inflows Highlight Institutional Divergence
Despite weak price action, Solana-linked exchange-traded products have continued to attract capital.
Recent data show more than $69 million in net inflows, setting SOL apart from Bitcoin and Ethereum products, which have seen net outflows. This divergence suggests some institutional investors are accumulating at lower prices, even as short-term traders remain defensive.
Market watchers note that this gap between fund flows and spot price reflects differing time horizons. Institutions appear to be focused on Solana’s role as infrastructure for payments, tokenization, and high-throughput applications, while the spot market remains constrained by technical resistance and declining retail activity.
Cross-chain Developments and Key SOL Levels Ahead
Adding to the narrative, recent comments from Charles Hoskinson and Anatoly Yakovenko have reignited discussion around interoperability, with both founders signaling openness to a future cross-chain bridge between Solana and Cardano.
While still early and informal, such developments spotlight ongoing efforts to expand liquidity and utility across ecosystems.
Traders currently remain focused on price levels rather than long-term vision. Holding above $120 could stabilize sentiment, but a clear break below it would likely shift attention firmly to the $110 support zone.
Until SOL reclaims resistance near $130 with conviction, price pressure is likely to persist despite the steady drumbeat of institutional inflows.
Cover image from ChatGPT, SOLUSD chart from Tradingview
