Solana Price Faces Bearish Resistance Amid ETF Outflows and Technical Analysis

Solana's price action has been constrained by its moving averages, with multiple attempts to breach the critical resistance barrier at $87-$88 failing to produce sustained closes above it.

The cryptocurrency remains below its 50-day, 100-day, and 200-day Exponential Moving Averages, creating a neutral to bearish technical setup. The Relative Strength Index currently registers 47, indicating neutral territory without directional conviction.

Institutional sentiment toward Solana has deteriorated noticeably throughout the week, with United States-based spot SOL exchange-traded funds experiencing cumulative withdrawals of $17.08 million. This trend suggests institutional reallocation strategies and may contribute to downward price momentum in the underlying asset.