Why Is Solana Price Struggling Below $100? 3 Factors Behind the Drop

Solana price is struggling to reclaim the $100 mark as selling pressure continues to weigh on the cryptocurrency. Large whale transfers to exchanges, persistent withdrawals from spot Solana ETFs and weakening technical momentum are creating a challenging environment for buyers. The token has also extended its losing streak, raising concerns about whether the current correction could deepen. 

Three factors are putting pressure on SOL and could determine whether it manages to recover or faces another leg lower.

$149 Million Whale Deposits Raise Solana Selling Concerns

Large-scale whale activity is one of the latest concerns for Solana investors. On-chain data shared by Lookonchain shows that an unidentified whale deposited approximately 1.49 million SOL, worth around $148.77 million, into multiple cryptocurrency exchanges over the past 10 days.

The transfers involved several major platforms, including Binance, Coinbase, OKX, Kraken, Bybit and Bitstamp. Moving such a large amount of SOL to exchanges has raised concerns about potential selling pressure, particularly as the token struggles to hold above $100.

The activity follows an earlier update on October 29, when the same whale was reported to have deposited approximately 1.02 million SOL worth $104.3 million over five days. The latest figures suggest that the transfers have continued.

Solana ETF Outflows Signal Weakening Institutional Demand

Institutional investment flows are providing another challenge for Solana. US-listed spot Solana ETFs recorded approximately $71.47 million in net outflows last week, marking their largest weekly withdrawals since launch.

The withdrawals also extended the fund category’s outflow streak to four consecutive weeks, indicating that institutional investors have become more cautious toward SOL.

ETF flows are closely watched because they offer insight into demand from traditional market participants. Sustained outflows can weaken the demand supporting an asset, particularly when broader market conditions are already negative. A return to consistent inflows could help stabilize sentiment, but continued withdrawals may leave the token vulnerable to further selling.

Solana Price Breaks Below Key Moving Averages

Solana’s price structure has also weakened after its recent decline. The daily chart shows SOL falling from its earlier highs and returning to an important support region after failing to sustain its recovery. The token is trading below its 50-day EMA near $103.81, 100-day EMA around $99.96 and 200-day EMA near $98.08. These moving averages now form an overhead resistance zone, making a sustained move above $100 increasingly important for buyers.

On the upside, SOL needs to reclaim the $98–$100 region before targeting the $103–$104 resistance zone. A successful move above these levels could signal improving momentum. However, the $88.42 area remains the key downside support. A decisive break below this zone could expose the next major support near $78.35. The daily RSI is approaching oversold territory, but the negative MACD suggests bearish momentum has not yet clearly reversed.

What Comes Next for Solana Price?

Solana’s recovery depends on whether buyers can absorb the selling pressure from large holders and restore demand through institutional investment. A move above $100 would be an early positive signal, followed by the $103–$104 resistance zone.

On the other hand, continued whale deposits and ETF outflows could keep SOL under pressure. A breakdown below $88.42 would increase the risk of a deeper correction toward $78.35.