Solana slips as Bitwise Solana ETF sees $3.63M outflow

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Solana drops 2.87% today to $71.41

Highlights

Institutional investors withdrew $3.63 million from Bitwise’s Solana ETF, underscoring declining confidence and capital allocation in Solana.
Average daily Solana network fees fell from 33,000 to 5,300 SOL since January, signaling sharply lower transaction volumes and validator earnings.
SOL/USD is expected to trade sideways in the $66.88–$81.16 range, with sellers maintaining a slight technical advantage amid mixed momentum signals.

Institutional outflows and shrinking fees intensify bearish sentiment

Solana faced institutional outflows as Bitwise’s Solana Staking ETF BSOL saw $3.63 million withdrawn on June 12, 2026, reflecting declining confidence and reduced capital allocation from major market participants. According to reported figures, average daily network fees dropped sharply from 33,000 SOL in January to about 5,300 SOL in June, revealing a substantial contraction in transaction volumes and directly compressing validator incomes. The U.S. Federal Reserve’s decision to maintain rates at 3.5%-3.75% under new chair Kevin Warsh, alongside an increased 2026 rate outlook, preserves a restrictive environment that has weighed on risk-sensitive assets like Solana.

Conflicting momentum signals as technical levels confine upside

Technically, SOL/USD is trading below the 20-period MA but above the 50-period MA on the H4 chart, with the longer-term 200-period MA still positioned well overhead, framing upside limitations. The immediate resistance is marked by the Ichimoku Kijun at $71.52. For momentum indicators, MACD signals a strong buy and ADX offers a buy reading, while oscillators present a mixed setup: RSI at 49.68 and CCI both give sell signals, Stoch RSI and Bull/Bear Power (BBP) are oversold, and the Awesome Oscillator is neutral. This collective divergence among the momentum and oscillator suite highlights the prevailing market uncertainty.

Rangebound bias with bearish tilt on elevated downside risk

Over the next 2–3 trading days, SOL/USD is projected to remain within a typical volatility band between $66.88 and $81.16. Downside probability is modestly higher at 52%, with the base case looking for rangebound movement inside the established support and resistance constraints. A confirmed breakout above $71.52 resistance could signal a bullish bias toward the top of the range, while a break below $66.88 would expose the token to further selling and continued declines.

Anton Kharitonov, expert at Traders Union, sees mounting pressure on Solana as institutional outflows and declining network activity signal weakening confidence. He notes that technically, SOL/USD remains constrained by resistance at $71.52 and mixed momentum signals, while macro conditions have not improved. The base case favors rangebound moves but with a slightly higher risk of downside. "I remain cautious on Solana unless we see clear strength above $71.52, as institutional sentiment continues to soften."

Previously it was reported that Solana's price action was under sustained bearish pressure despite signs of growing institutional interest and emerging on-chain use cases. The latest developments signal a shift in sentiment, with outflows from key ETFs and falling network fees underscoring fundamental headwinds, making the $66.88 support level critical to monitor for downside risk in the days ahead.

Source of Data: SOL Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

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