Solana price falls below $90 as trendline pressure mounts
ITF Team3 min read
Solana (SOL) slipped below $90 on Nov 6, 2026, after a 6% drop and $1 billion crypto liquidations, with open interest and ETF outflows signalling weakening demand.
Key takeaways
- Solana traded at $89.65 on Nov 6, 2026, its lowest level in two months.
- Open interest fell to 59.45 million SOL, down from 62.71 million on Monday.
- Institutional ETFs saw a net outflow of $1.18 million on Thursday, following a $71.47 million withdrawal last week.
- If SOL breaks the $87.21 support, the next technical target is near $70.58.
Solana (SOL) fell below the $90 threshold on Friday, Nov 6, 2026, settling at $89.65 after a 6% slide the previous day. The move came as the broader cryptocurrency market suffered more than $1 billion in liquidations, highlighting a sharp risk‑off shift among traders.
Price action and immediate technical picture
The price decline pushed SOL into a two‑month low, testing a long‑term rising support trendline that links the lows of June 6 and June 25 at roughly $89.83. A break beneath the horizontal $87.21 support could open a steeper correction toward the $70.58 level, last seen on Aug 1. On the downside, SOL remains under the 200‑day EMA at $99.62 and the 50‑day EMA at $101.92, setting up a potential death‑cross if the shorter‑term average slides below the longer‑term line.
Momentum indicators reinforce the bearish bias. The daily RSI sits at 29, edging into oversold territory, while the MACD stays below its signal line in negative territory. Together, these signals suggest that sellers retain the upper hand, even though the RSI hints at a possible short‑term rebound if buying pressure re‑emerges.
Underlying drivers: market sentiment and fund flows
The price pressure coincides with a sharp contraction in both retail and institutional interest. CoinGlass data shows SOL futures open interest dropping to 59.45 million contracts, down from 62.71 million on Monday, indicating traders are unwinding positions after a week of losses. On the institutional side, SOL‑focused exchange‑traded funds recorded a net outflow of $1.18 million on Thursday, extending a series of withdrawals that peaked at $71.47 million last week.
Broader macro‑political factors are also at play. The recent U.S. midterm elections gave Democrats control of both chambers of Congress, raising expectations of tighter regulation on cryptocurrencies and artificial‑intelligence‑related assets. This political backdrop has amplified risk‑off sentiment, prompting investors to pull back from higher‑volatility tokens like Solana.
Read also: Zcash price forecast: ZEC holds above $1,300 as NU7 upgrade fuels breakout hopes
Historical context and price levels
SOL’s six‑week slide marks its sixth consecutive week of decline, a streak that began in early October. The 200‑day EMA at $99.62 has acted as a major resistance level throughout the year, while the 50‑day EMA at $101.92 has recently turned downward, hinting at a possible crossover that traders watch for as a death‑cross signal.
If the price manages to hold above the $87.21 floor, the next upside target would be the 200‑day EMA at $99.62, followed by the 50‑day EMA. Conversely, a breach of the $87.21 support could accelerate the move toward the $70.58 floor, a level that has previously anchored a sharp correction.
What traders should monitor next
Key levels to watch include the $87.21 horizontal support, the $70.58 floor, and the two EMA lines at $99.62 and $101.92. On the data side, further ETF flow reports and open‑interest updates will provide clues on whether institutional demand is stabilising or continuing to recede. Additionally, any regulatory announcements stemming from the new U.S. congressional composition could trigger fresh volatility.
- Watch for a break below $87.21 as a trigger for a deeper correction toward $70.58.
- Monitor SOL ETF net flows; continued outflows would reinforce the bearish case.
- Track open‑interest trends; a sustained decline suggests waning trader appetite.
- Follow U.S. regulatory news for potential impact on crypto risk sentiment.
Frequently asked questions
Why did Solana drop below $90 on Nov 6, 2026?
Solana fell to $89.65 after a 6% loss the day before, amid more than $1 billion of crypto liquidations, declining futures open interest, and a $1.18 million outflow from SOL‑focused ETFs, all reflecting reduced risk appetite.
What technical level could trigger a larger decline for SOL?
If the price slips beneath the $87.21 horizontal support, analysts expect the next major target to be the $70.58 floor, a level last tested on Aug 1, 2026.
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This article is compiled from international market news for information only. It is not investment advice.