Solana price fell 13% over the past week after confirming a bearish pattern on the charts. Will it experience a steeper decline ahead as institutional investors seem to be backing away from the asset? Summary Solana price dropped over 13% in a week after confirming a bearish flag pattern, signaling potential continuation of the downtrend. Institutional outflows from Solana ETFs and derivatives-driven liquidations have added to selling pressure, weakening investor sentiment. Technical indicators point to further downside risk toward $67, with a break below $80 likely to accelerate losses. According to data from crypto.news, Solana (SOL) price fell 13.5% from its weekly high of $92.88 to $80.37 earlier on Monday before settling a little above at $84.07 at the time of writing. Solana price fell as institutional investors began rotating capital away from the token, likely as they explored other options. Data from SoSoValue shows that spot Solana exchange-traded funds recorded $4.24 million in outflows over the past week, breaking a six-week weekly inflow streak that drew in nearly $127 million from the investment products. While this recent cooling doesn’t necessarily mean that institutional investors will continue to back off from the asset in the weeks ahead, they have certainly spooked retail investors into a cautious state as they await clearer market signals. Another major reason that has set back the token is the persistent liquidations across crypto derivatives markets. Over the past 24 hours, over $24 million in positions were liquidated from Solana alone, with the majority coming from long liquidations. As these positions were wiped out, the resulting selling pressure further accelerated the decline. Meanwhile, the ongoing uncertainty around when the war between the U.S. and Iran would come to an end has also fostered a cautious environment for investors who are rotating to gold and other safe-haven assets that have historically protected capital during geopolitical crises. Solana price analysis On the daily chart, Solana price has confirmed a multi-month bearish flag pattern. Such a pattern is formed when an asset drops sharply downwards, forming a flagpole followed by some consolidation forming the flag part of the pattern. Solana price has confirmed a bearish flag pattern on the daily chart — March 30 | Source: crypto.news A break from the lower trendline of the pattern confirms the bearish outlook and has often preceded a significant downward move. Hence, Solana price is likely to visit its year-to-date low of $67.82 reached on Feb. 6. On the bearish side, if Solana price loses the $80 support level, the selloff could intensify quickly. Technical indicators seem to support this bearish outlook. Notably, the Aroon Down stood at 92.86% while the Aroon Up was at 0%, a sign that the bears are in total control of the trend. The Relative Strength Index, which shows the RSI at 44 slowly climbing back toward the neutral threshold, suggests that while the immediate panic has subsided, the overall momentum remains weak. Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Solana price confirms bearish flag pattern as ETFs break 6-week inflow streak, will it crash?
