Solana Price Slides 4% As Bitwise SOL ETF Sees Record Volume

The Solana price tumbled almost 4% in the last 24 hours to trade at $194 as of 4 a.m. EST on a 19% increase in trading volume to $7.42 billion.

This comes as the Bitwise spot Solana ETF (exchange traded fund) debuted yesterday with the highest first-day trading volume of any ETF in 2025. The Bitwise Solana Staking ETF (BSOL) recorded $56 million in trading, outpacing the launches of REX Osprey’s XRP and Solana staking ETFs.

Solana is catching the worldwide attention these days…

1️⃣ Solana’s first ETF launched in the U.S., hitting $56M+ trading volume on day one.

2️⃣ $8M traded in just 20 minutes, ranking among the most active crypto ETF debuts ever.

3️⃣ Western Union announced a USD-backed… pic.twitter.com/Kn2igQZRwf

— Lucky (@LLuciano_BTC) October 29, 2025

The ETF launch was widely watched, and it marked a major milestone for Solana as it joins a select group of cryptos with spot ETF products. This kind of attention usually brings new buyers into the market, but there are signs that profit-taking and cautious moves are holding prices back.

In recent days, analysts noted that Solana’s fundamentals remain solid. The network upgrade and increased interest from asset managers such as Bitwise, VanEck, and Fidelity suggest Solana is getting more eyes from large investors.

🚀Solana ETF.. The Next Leap in Institutional Adoption.

The approval of a Solana ETF could mark one of the most transformative moments in digital asset history.
With its lightning fast transactions, scalable infrastructure, and thriving ecosystem, Solana (SOL) has already proven… pic.twitter.com/cRaWHzM3fr

— Capitalism .nad base.eth🎒🇰🇷🇺🇲🌊RIVER (@xxxx_trader) October 29, 2025

Solana Price: Transaction Activity And Institutional Flows

On-chain signals provide extra confidence. Wallet addresses and transaction activity on Solana have grown steadily, suggesting real demand and user participation. More coins are being moved off 515258 investors are willing to hold for longer, reducing the risk of immediate selling.

Staking metrics remain strong, with higher participation supporting community trust. Major treasury inflows could arrive soon, as several digital asset funds are set to allocate to Solana thanks to the ETF and improved on-chain infrastructure. This has already started showing up with increased staking and transfer volumes.

Institutional buys from ETF providers and asset managers contribute to long-term support in the coin price. As more companies and funds purchase spot SOL for their products, the underlying demand grows. This trend could help move the price upward over the coming months, especially if broader market conditions remain stable.

SOLUSD Price Analysis and Technical Outlook

The weekly price chart for SOLUSD shows a mixed picture. After hitting recent highs near $295.31, the price dipped to trade atVolatility has increased as new buyers react to ETF news and large market moves.

SOLUSD Analysis Source: Tradingview

Key resistance areas are visible just above $240. If Solana’s price manages to break through this barrier, it could quickly revisit higher levels, possibly moving towards the previous highs. However, if buyers fail to hold up the price, there is a risk of heading lower to retest support levels at $182.58 and then $102.15.

The Relative Strength Index (RSI) is 51.27, which shows SOL is in a neutral zone. The market is not overbought or oversold, so the next move will likely come from new headlines or trading volume surges. MACD readings of 10.02 and -1.26 signal mixed momentum, meaning there’s no clear trend for now, but buyers have not lost control.

The ADX indicator sits at 14.54, showing that while there is some upward momentum, overall strength is weak. This supports the idea that traders are waiting for the next big move. As ETF products bring fresh money and continue to attract attention, volatility could increase in the short term.

Looking at the chart, SOLUSD is still trading inside an upward channel, with support at the 50-week SMA and resistance just above recent highs. Each bounce from support tends to attract new buyers, while moves into resistance can trigger profit-taking.

If the price drops below the $182.58 level, sellers could force a correction towards the longer-term 200-week SMA near $102.15. On the upside, a strong move through resistance would open the door for a push to the $240–$295 zone.

Traders are watching the ETF flows closely. More buying from institutions could drive the price higher, but short-term sell-offs and profit-taking remain possible. Key levels to watch in the coming weeks are $182.58 and $240. Staying above support keeps the uptrend alive, while a break below could cause a deeper dip before more buyers return.

Overall, Solana’s coin price is holding critical technical levels despite a recent slip, with ETF debut volume and institutional flows providing strong support for long-term growth. On-chain participation is rising, and technical indicators signal that buyers have not left the market.

The next few weeks will be important for confirming whether SOL can break out towards new highs or needs to retest important supports before continuing its uptrend.

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