Institutional Money Out! Solana Bearish Signals Spreading

▲ Solana (SOL)/AI generated image ©

Solana (SOL) is facing further downward pressure due to a combination of institutional fund outflows and bearish signals in the derivatives market.

According to investment media FXStreet on April 8 (local time), Solana has been trading below $82 after failing to break through a major resistance level, continuing its correction trend. As the market, which had risen on expectations of a US-Iran ceasefire, generally takes a breather, Solana is also under pressure to reverse downwards.

In particular, a clear slowdown in institutional demand is evident. According to SoSoValue data, Solana spot ETFs saw a net outflow of $1.92 million, following a $15.4 million outflow recorded the previous day, marking two consecutive days of fund outflows. With funds continuing to leave even after the largest daily outflow since listing, investor sentiment appears to be weakening.

Derivatives market indicators also support the bearish trend. According to CoinGlass data, Solana's long/short ratio is 0.96, below 1, indicating that bearish bets are dominant. Furthermore, the funding rate has turned negative at -0.0003%, suggesting that short positions are leading the market.

Technically, the burden is also increasing. Solana remains below its 50-day exponential moving average of $88.08 and its 100-day moving average of $100.19, while the 200-day moving average of $120.99 also acts as strong overhead resistance. The Relative Strength Index is declining in the mid-40s, strengthening bearish momentum, and the Moving Average Convergence Divergence (MACD) index also shows no clear signs of a rebound.

In the short term, the $86.67 and $88.08 range acts as a major resistance, while $77.12 is presented as the primary support level below. If this range collapses, there is a possibility of a further decline to $67.50, increasing market caution.

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