SOL Pulls Back to Support as ETF Flows Turn Negative

• Solana trades at $89.93, down 0.17%, pulling back from a $98 session high as the 2-hour RSI drops to 38.04 near the $88 support zone.
• SOL spot ETFs recorded $295.73K in net outflows on March 18, snapping a streak of positive flows with VanEck’s VSOL leading the exit.
• Open interest falls 6.77% to $5.28B while options volume surges 95.70% to $16M, reflecting hedging activity after the pullback from highs.

Solana trades at $89.93, down 0.17%, pulling back from the $98 high hit on March 13 after the Supertrend flip. Six days of selling have brought price back to the $88 to $90 support band that held twice through February and early March. The question today is whether that zone absorbs the selling or gives way.

Daily Chart: BB Midline At $95.11 Was Rejected, $87.72 Is The Floor

The daily chart shows SOL failing to hold above the Bollinger Band midline at $95.11 after the March 13 spike to the upper band. Price is now sitting between the 20-day EMA at $88.78 and the BB midline, with the lower BB band at $80.33 as the next meaningful support below. The 50-day EMA at $93.94 sits just above as resistance alongside the BB midline.

All four EMAs remain in a tight cluster between $88.78 and $129.58. A daily close below the 20-day EMA at $88.78 would be the first technical signal that the March recovery has fully stalled, putting the lower BB at $80.33 back in play.

Key daily levels:

• 20-day EMA support: $88.78
• BB lower band: $80.33
• BB midline resistance: $95.11
• 50-day EMA resistance: $93.94
• 100-day EMA resistance: $108.65

2-Hour Chart: RSI Near Oversold At Key Support Zone

The 2-hour chart shows price pulling back into the green support zone between $86 and $88, with SAR sitting above at $92.71 as resistance after flipping bearish. RSI at 38.04 is approaching oversold territory with the signal line at 40.35 just above. The ascending trendline from the February lows is still intact on this timeframe, currently near $86 to $87.

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The $88 horizontal support zone visible on the chart has held three times since late February. A fourth test with RSI approaching 30 is historically where short-term bounces originate. Losing $86 changes the picture and opens the $82 to $84 zone.

Key 2-hour levels:

• SAR resistance: $92.71
• $92 horizontal resistance
• $88 support zone
• Ascending trendline: ~$86 to $87
• Next support: $82 to $84

SOL ETFs Log Outflows After Eleven Straight Positive Days

US SOL spot ETFs recorded $295.73K in net outflows on March 18, snapping what had been a run of positive flow sessions. VanEck’s VSOL was the only fund to report an outflow at $295.73K while the rest showed zero movement. Cumulative net inflows across all SOL ETFs still sit at $989.02M, just shy of the $1B milestone, with total net assets at $884.46M representing 1.72% of SOL’s market cap.

The outflow is small in absolute terms. A single fund moving less than $300K is not an institutional exit. But after the price pulled back from $98 and failed to hold above the Supertrend, even thin outflow data gets noticed by a market looking for directional signals heading into the weekend.

Derivatives: OI Drops As Options Hedging Spikes

Open interest fell 6.77% to $5.28B as volume rose a modest 6.34% to $12.97B. The standout number is options volume, up 95.70% to $16M. When options volume nearly doubles while spot OI falls, traders are buying protection rather than adding directional exposure. That is consistent with the price action, a pullback from highs where holders are hedging rather than selling outright.

The Binance long/short ratio sits at 2.16 for accounts and 2.31 for top trader accounts, with positions at 1.40. Longs absorbed $13.92M in 24-hour liquidations against $2.27M for shorts, confirming the pullback from $98 caught leveraged longs off guard. The squeeze is largely done at this point given the RSI reading, but fresh long entries need to see $88 hold before committing.

Outlook: Will Solana Go Up?

• Bullish case: SOL holds the $88 support zone and the ascending trendline on the 2-hour chart, RSI bounces from near-oversold levels, and price reclaims the SAR at $92.71. A move back above the BB midline at $95.11 would reset the bullish thesis and target $98 to $100.
• Bearish case: $88 fails on a 2-hour close, the ascending trendline breaks, and price drops toward $82 to $84. A daily close below the 20-day EMA at $88.78 would be the confirmation, putting the lower Bollinger Band at $80.33 as the next support.