Solana price slides to $160 as outflows surge and derivatives data signal fragile sentiment

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Solana spot outflows surge

Highlights

- Solana drops 3.5% to $160 after breaking $175 support zone.

- Coinglass reports $47.4 million in spot outflows and $150 million in long liquidations.

- RSI hovers near oversold levels as traders await stability around $156–$158.

Market data shows traders exiting long positions amid heightened volatility and deteriorating funding sentiment, suggesting that confidence in short-term upside remains weak.

Technical breakdown confirms structural weakness

Solana’s daily chart reveals a decisive breakdown below the $175–$180 region, a zone that previously acted as a strong accumulation base in September. The move extends the descending pattern that has guided price action since July, with lower highs continuing under the dominant red trendline.

SOL price dynamics (Source: TradingView)

SOL now trades below all its major exponential moving averages — the 20-day EMA ($187.76), 50-day ($196.96), and 100-day ($195.39) — with even the 200-day EMA at $186.78 flipping into resistance. This alignment of declining EMAs reflects persistent bearish momentum.

Immediate support lies between $156 and $158, where historical demand overlaps with June’s breakout pivot. A breakdown beneath $155 would expose deeper targets near $140, corresponding to May’s consolidation floor. The Parabolic SAR also continues to print above price levels, confirming ongoing downward pressure. For a reversal to gain traction, Solana would need a daily close above $182, reclaiming the broken channel and neutralizing near-term selling momentum.

On-chain and derivatives data show capitulation phase

Coinglass data recorded $47.4 million in net spot outflows on November 4, one of Solana’s largest single-day exits in weeks. The continued red prints across the histogram indicate sustained distribution from both retail and institutional holders, weakening short-term demand.Liquidity depth around $160–$165 has also thinned, suggesting that market makers are scaling back bids, amplifying price vulnerability.

In derivatives, open interest dropped 14.4% to $8.7 billion while trading volume spiked 71% to nearly $30 billion, signaling mass liquidation rather than new inflows. Options activity rose sharply as well — volume surged 78% and open interest climbed 22% — reflecting a rush toward hedging positions.

The overall long/short ratio stands at 0.89, implying bearish bias, while top trader ratios on Binance and OKX exceed 3.7, indicating professional accounts are reducing exposure. Funding data confirm heavy liquidation pressure, with $150 million in long positions wiped out within 24 hours, mostly during the Asian trading session. This combination of falling open interest and high liquidation volume typically marks a capitulation phase, where speculative excess is flushed out before new accumulation begins.

Outlook: Bulls eye defense of $156–$158 support

The RSI sits just above 30, signaling oversold conditions that could trigger short-term relief. Yet, without improvement in on-chain flows or open interest, recovery attempts may remain shallow. The $156–$158 zone will be crucial for bulls to defend — a successful rebound from this level could stabilize price action and open a path back to $175–$180.

A breakdown below $155, however, would risk further downside toward $140–$135, marking the weakest levels since May.While short-term sentiment remains cautious, Solana’s long-term outlook is still supported by its strong on-chain fundamentals, institutional integrations, and robust ecosystem growth. Once current leverage unwinds and market liquidity normalizes, the network’s high transaction throughput and developer activity could help reignite buying interest.

For now, traders should anticipate continued volatility, with $156–$158 serving as the key pivot area that may decide whether Solana stabilizes or slides into a deeper correction.

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