Solana Stalls at $78 Resistance Amid ETF Outflows

Solana is showing signs of weakness today, dropping nearly 2 percent after failing to clear the $78 resistance level. While recent inflation news briefly helped the broader market, Solana lacked the necessary volume to maintain a sustained upward trend. Trading volume has dropped significantly this week, falling from $4 billion down to roughly $2 billion as buyer interest fades.

Institutional investors appear to be taking a step back as well. Solana ETFs recorded $700,000 in net outflows this week, marking a shift from the consistent inflows seen throughout the month. This cautious behavior from larger players mirrors the general uncertainty regarding interest rates and the future of risk assets.

Despite the price struggle, network activity remains a bright spot. Data shows a steady increase in daily active addresses, with the 30 day moving average climbing above the 50 day average. This uptick in on chain usage often hints that users are preparing for a significant move, though it does not guarantee which direction the price will take.

Traders are now watching the $74 support level closely. If this support fails, the price could slide toward $64. On the other hand, a clean break above $78 would likely trigger short covering and push the asset toward $90. For now, the market remains at a technical crossroads, waiting for a clear signal to determine the next major trend.