Solana Spot ETFs See $2.82M Inflows Amid $31B DEX Volume Surge

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Solana Spot ETFs See $2.82M Inflows Amid $31B DEX Volume Surge

U.S. spot crypto ETFs sent mixed signals on Feb. 5 as capital rotated unevenly across major digital assets. According to , spot Bitcoin ETFs recorded $434 million in net outflows. BlackRocks IBIT led the declines, shedding $175 million in a single session. Ethereum spot ETFs also faced pressure, logging $80.79 million in net outflows. However, Solana spot ETFs moved against the broader trend, recording $2.82 million in net inflows.

Besides fund flows, network data highlighted a clear divergence. Solana processed more than $31 billion in total DEX spot volume over the past week. This activity suggested sustained user engagement despite market volatility. Consequently, traders continued to separate short-term price action from underlying network demand.

Price Weakness Persists After Key Rejection

However, SOL price action remained under pressure. Solana traded at $81.12, . The token also posted a 29.70% loss over the past seven days. With 570 million SOL in circulation, the networks market value stood near $45.9 billion.

Shah noted that SOL dropped roughly $66 within 2.5 weeks. He argued that projecting a straight-line collapse to zero misreads market structure. According to Shah, price trends rarely move linearly without pauses or volatility shifts. Hence, short-term momentum should not override established support behavior.

From a technical perspective, SOL stayed locked in a sharp daily . Sellers gained control after price failed near the $148–$150 supply zone. Consequently, the break below $120 accelerated downside momentum. Price action then pushed into the $85–$83 demand range, which now serves as initial support.

A daily close below $82 would likely expose $76, followed by $68. Additionally, overhead resistance remains layered between $92 and $96. Further upside barriers sit near $108 and $120, where sellers previously dominated.

Long-Term Perspective Remains Contested

Moreover, longer-term comparisons continue to shape market debate. Borovik out that SOL remains down over 60% from its all-time high. He recalled that during the last bear cycle, Solana traded near $8 before rallying more than 3,500% over the following year.

If a similar percentage occurred again, SOL would trade above $3,300. Borovik acknowledged that such a move appears extreme under current conditions. Significantly, he instead framed $1,000 as a more realistic long-term target by 2030, assuming sustained adoption.