Solana underperforms as US spot Solana ETFs record net outflows, ending a 14-week inflow streak

<p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;">Solana came under renewed pressure yesterday as the broader crypto market weakened amid surging crude oil prices. SOL is also showing signs of relative weakness, with US spot Solana ETFs recording their first weekly net outflows after a 14-week streak of inflows.</p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;">During the Asian session, the pullback in oil prices helped trigger a reversal across risk assets, including cryptocurrencies. However, the geopolitical situation remains broadly unchanged, with continued Houthi attacks on Saudi Arabia and US-Iran negotiations at a stalemate. Unless the Fed turns more dovish, these risks could continue to cap SOL's upside</p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;">Looking at Solana-specific developments, Samsung Wallet is scheduled to begin supporting USDC cross-border transfers on Solana across 82 million US Galaxy devices in the last week of October. This strengthens the longer-term adoption thesis, but unfortunately the macro backdrop has been limiting the gains. </p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;">Looking ahead, tomorrow's US CPI report is the key near-term catalyst. A hotter than expected core reading could trigger a hawkish repricing and another selloff in SOL, while soft data could provide a short-term boost. </p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;"> </p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; line-height: normal; font-size: 15px;">SOLANA TECHNICAL ANALYSIS – DAILY TIMEFRAME</p><p></p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;">On the daily chart, we can see that <a href="https://www.tradingview.com/symbols/SOLUSD/" rel="follow">Solana</a> broke below the major upward trendline, retested it, and continued lower. The natural target for the sellers should be the support zone around the 97.00 level. If the price gets there, we can expect the buyers to step in, with a defined risk below the support, to position for a rally into the 148.00 level. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the major upward trendline. </p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;"> </p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; line-height: normal; font-size: 15px;">SOLANA TECHNICAL ANALYSIS – 4 HOUR TIMEFRAME</p><p></p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;">On the 4 hour chart, we have a downward trendline defining the bearish momentum. If we get a pullback, we can expect the sellers to lean on the trendline, with a defined risk above it, to keep pushing into the 97.00 support. The buyers, on the other hand, will need to break above the trendline and the 113.00 resistance to start targeting new highs.</p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;"> </p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;">SOLANA TECHNICAL ANALYSIS – 1 HOUR TIMEFRAME</p><p></p><p>On the 1 hour chart, there’s not much we can add here as the sellers will have a better risk to reward setup around the downward trendline, while the buyers will need a break above the trendline and the resistance to open the door for new highs. The red lines define the <a href="https://investinglive.com/Education/trading-tip-know-the-average-daily-range-adr-20220207/" rel="follow" style="color: rgba(70, 120, 134, 1); text-decoration: underline;">average daily range</a> for today.</p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;">UPCOMING CATALYSTS</p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; line-height: 103%; font-size: 15px;"><a href="https://investinglive.com/EconomicCalendar" rel="follow" style="color: rgba(70, 120, 134, 1); text-decoration: underline;">Tomorrow</a> we have the US CPI report. On Thursday, we get the US PPI, the US Retail Sales and the latest US Jobless Claims figures.  </p> This article was written by Giuseppe Dellamotta at investinglive.com.