- SOL rebounded from $92 support despite ETF outflows and broader market weakness.
- Binance hack concerns and withdrawals increased pressure on investor sentiment.
- Strong network activity and adoption could support a recovery above $100.
SOL faces a critical test after a sharp decline from September highs. Market pressure has increased as investors respond to a major Binance security breach and continued ETF outflows. Despite recent weakness, buyers have stepped in near an important support zone. That response has sparked a key question. Can Solana hold the $92 level and build a recovery, or will another wave of selling push prices lower in the weeks ahead?
Binance Hack and ETF Withdrawals Add Pressure
Solana traded near $97.48 on October 30 after bouncing from an intraday low of $92.14. The token remains far below late-September levels above $120. Broader market weakness has contributed to the decline. According to Watcher.Guru, several major cryptocurrencies fell sharply during the sell-off. Investor sentiment also weakened after a major security incident at Binance.
The exchange reported losses linked to unauthorized transactions. Estimates placed the impact at roughly $6.3 billion. Reports connected the attack to North Korea’s TraderTraitor hacking group. Binance continues to work with partners to freeze affected funds. At the same time, spot Solana ETFs experienced steady withdrawals. U.S. products recorded about $27.69 million in net outflows on October 29.
That marked the fourth straight day of negative flows. Total withdrawals during that period reached about $60.73 million. Bitwise’s BSOL generated most of the outflows. Grayscale’s GSOL also posted another day of investor withdrawals. Even so, long-term demand remains intact. Cumulative inflows since launch still stand near $1.48 billion. Assets under management remain close to $1.5 billion.
Can Solana’s Fundamentals Support a Recovery?
Network activity continues to show strong user engagement. Solana processed more than 99 million transactions during the last 24 hours. Active addresses reached approximately 2.71 million across the network. Decentralized exchange volume totaled about $1.71 billion. Total value locked across DeFi protocols stood near $5.46 billion. However, some signs of slowing activity have emerged.
Weekly DEX volume dropped 17.9%, while perpetual futures volume declined 52.9%. Adoption news offers a brighter outlook. Samsung plans to support USDC transfers on Solana through Samsung Wallet. The feature could reach roughly 82 million Galaxy devices across the United States. The Solana Foundation also introduced delivery-versus-payment infrastructure designed for institutional settlement of tokenized assets.
From a technical perspective, the $92 to $95 range remains crucial. Solana currently trades near an ascending trendline that has held since June. The RSI sits at 34.96, suggesting bearish momentum may be easing. Meanwhile, the MACD remains negative. Bulls need a move above $100 to strengthen confidence. Additional resistance appears between $108 and $110, followed by $120 to $125.
