The post SOL could dip below $120 as ETF inflows and sentiment weaken appeared on BitcoinEthereumNews.com. Key takeaways Solana is down 10% in the last 24 hours and is now trading below $140. The coin could dip further as the market sentiment weakens. Market sentiment weakens as cryptos suffer huge losses. SOL, the sixth-largest cryptocurrency by market cap, has lost 13% of its value this week, making it the third consecutive week of recording losses. The bearish performance comes despite the two-week-old Solana spot Exchange Traded Funds (ETFs) in the US recording the lowest net inflows ever, suggesting softer institutional demand. According to Sosovalue, the US Solana spot ETFs logged $1.49 million net inflow on Thursday, mainly driven by the Bitwise Solana staking ETF. This was the lowest inflow since the inception of Solana ETFs, suggesting a decline in demand from institutional investors.  In addition to that, CoinGlass data reveals that the SOL futures Open Interest (OI) is down 3.34% in the last 24 hours to $7.35 billion. This suggests that futures traders are either closing long positions or reducing leverage.  In line with the current market conditions, the OI-weighted funding rate has shifted to a negative level of -0.0076% from near-neutral levels earlier in the day, indicating that traders are holding more short positions. If the current market conditions persist, the recovery would be a tough battle for bulls.  Will Solana extend the decline to $120? The SOL/USD daily chart remains bearish and efficient as Solana has underperformed in recent days. The coin is edging lower for the fourth consecutive day this week after breaking below the $150 psychological level a few hours ago.  At press time, SOL is trading at $138 and is aiming for the $126 low from June 22. If SOL breaks below this low, it could test the $100 psychological support over the coming days or weeks.  The Relative Strength Index… The post SOL could dip below $120 as ETF inflows and sentiment weaken appeared on BitcoinEthereumNews.com. Key takeaways Solana is down 10% in the last 24 hours and is now trading below $140. The coin could dip further as the market sentiment weakens. Market sentiment weakens as cryptos suffer huge losses. SOL, the sixth-largest cryptocurrency by market cap, has lost 13% of its value this week, making it the third consecutive week of recording losses. The bearish performance comes despite the two-week-old Solana spot Exchange Traded Funds (ETFs) in the US recording the lowest net inflows ever, suggesting softer institutional demand. According to Sosovalue, the US Solana spot ETFs logged $1.49 million net inflow on Thursday, mainly driven by the Bitwise Solana staking ETF. This was the lowest inflow since the inception of Solana ETFs, suggesting a decline in demand from institutional investors.  In addition to that, CoinGlass data reveals that the SOL futures Open Interest (OI) is down 3.34% in the last 24 hours to $7.35 billion. This suggests that futures traders are either closing long positions or reducing leverage.  In line with the current market conditions, the OI-weighted funding rate has shifted to a negative level of -0.0076% from near-neutral levels earlier in the day, indicating that traders are holding more short positions. If the current market conditions persist, the recovery would be a tough battle for bulls.  Will Solana extend the decline to $120? The SOL/USD daily chart remains bearish and efficient as Solana has underperformed in recent days. The coin is edging lower for the fourth consecutive day this week after breaking below the $150 psychological level a few hours ago.  At press time, SOL is trading at $138 and is aiming for the $126 low from June 22. If SOL breaks below this low, it could test the $100 psychological support over the coming days or weeks.  The Relative Strength Index…