Solana (CRYPTO: SOL) is up 3% over the past 24 hours to $205 on Monday morning, despite exchanges seeing about $34.7 million in net outflows, according to Coinglass.
Will SEC's October 10 Call Make Or Break Solana?
The Securities and Exchange Commission faces a final Oct. 10 deadline to decide on multiple Solana spot ETF applications from issuers including VanEck, Grayscale, and Fidelity, according to SolanaFloor on X.
Several trackers continue to cite high approval probabilities around 95%, though the SEC has not commented.
Early in the session, traders rotated to the sidelines as outflows accelerated, keeping SOL below short-term resistance.
$34M Outflows: Are Investors Ditching Solana Before The Decision?
SOL Netflows (Source: Coinglass)
Solana investment products recorded a third straight week of redemptions, with net outflows of $34 million on Sept. 29, as per Coinglass.
Cumulative withdrawals this month now exceed $70 million, placing Solana among the most pressured altcoins in September despite continued activity on its network.
Solana's Chart Flashes Danger Signs At $207
SOL Key Technical Levels (Source: TradingView)
Technical analysis: Solana is consolidating near $207 after pulling back from the $250 resistance zone, with price holding inside a well-defined ascending channel.
The rejection at the upper boundary aligned with the 0.786 Fibonacci level triggered the latest correction, bringing SOL back toward the 20-day EMA near $208.
A sustained close above this cluster could reopen upside momentum toward $218 and $252.
On the downside, immediate support sits at the $195–$194 area, where the 100-day EMA is converging with the channel midline.
A breakdown here may expose deeper support near $182 and the 0.382 Fibonacci retracement at $171.
The RSI at 44 suggests momentum has cooled but is not yet oversold, leaving room for another test of support before a potential rebound.
Why It Matters
Solana's $34 million outflow is a direct challenge to investor conviction because the chain leads the industry in developer activity, with over 10,700 active contributors, yet capital is retreating just as the SEC approaches a pivotal ETF ruling.
The October 10 deadline will decide whether Solana gains legitimacy as a regulated investment vehicle or remains weighed down by risk premiums.
The clash between relentless on-chain growth and cautious capital flows makes this moment a critical inflection point for how markets reward innovation under regulatory pressure.
Read Next:
Image: Shutterstock
