Solana (SOL) recently fell below $100, marking the first time it has traded below this psychological level since 2024. The drop coincided with bearish trends across the broader crypto market and surging outflows from Solana exchange-traded funds. Despite the negative outlook, Ark Invest CEO Cathie Wood remains bullish.
Solana Price Hits 2024 Lows amid Surging Outflows
The crash in Solana’s price to its lowest level since 2024 mirrors Bitcoin’s, which briefly dropped below $75,000. Altcoins were also not spared from the bloodbath, with Ethereum dropping below $2,300.
One of the factors that triggered SOL’s crash was a surge in long liquidations, with data from Coinglass showing that it recorded $191 million in long liquidations, the highest since October 2025. Meanwhile, funding rates have turned negative, showing that many traders are now placing short bets on SOL.
In addition to unwinding leverage, increased outflows from spot SOL ETFs have been suppressing Solana’s performance. On Friday last week, spot SOL ETFs recorded $11.24 million in outflows, the highest since early December. Data from CoinShares also shows that Solana investment products recorded $31 million in outflows.
Cathie Wood Remains Bullish on SOL
Despite Solana’s price decline, Ark Invest CEO Cathie Wood notes that SOL remains a strong asset. She noted that investors seeking strong portfolio diversifiers can shift toward Solana, Bitcoin, Ethereum, or HyperLiquid.
Wood also noted that, despite the recent market downturn, crypto prices could recover. She noted that in previous years, gold has usually outpaced Bitcoin during bull runs, suggesting a recovery is likely.
“Important to note that the correlation between the bitcoin and gold prices has been 0.14 since early 2020, and that the gold price led the last two significant bull moves in the bitcoin price in the last two major cycles,” Wood stated.
Wood was responding to the Director of Research at Ark Invest, Lorenzo Valente, who noted that gold was on the verge of reversing its recent gains based on historical patterns. If this happens, capital could likely shift towards other assets.
Therefore, if Solana has hit a bottom after its recent crash to 2024 lows, a recovery may be imminent if investors diversify their portfolios and shift capital from precious metals to crypto tokens.
Source: https://zycrypto.com/solana-falls-below-100-for-first-time-since-2024-but-cathie-wood-remains-bullish/
