On November 18, 2025, Solana (SOL) emerged as a notable outlier in the crypto market, climbing 5.8% to close at $139.84 amidst a climate of broader caution. This advance highlights a fascinating dynamic where strong institutional interest for a single asset is creating its own momentum, seemingly decoupled from weaker underlying network activity and general market anxiety.
A Surge Against the Grain
Solana’s positive performance on November 18 provided a burst of optimism. After opening at around $130.83, the asset rallied throughout the session to reach a close of $139.84, demonstrating significant buying pressure even as other major cryptocurrencies struggled. This wasn’t an isolated flash of strength. Just a day prior, Solana had experienced considerable volatility, dipping to a low near $129 before recovering, indicating that buyers were actively defending that level.
This resilience can be largely attributed to a powerful and sustained wave of institutional inflows. Spot Solana ETFs have become a magnet for capital on Wall Street, achieving a remarkable streak of 15 consecutive days of positive inflows. As of November 17, these products had attracted another $8.26 million in net inflows, helping to cement a total accumulation of approximately $390 million during this green streak. This consistent institutional demand, led by funds like Bitwise’s BSOL, has created a solid foundation of support, allowing SOL to navigate turbulent market conditions with relative strength.
Divergence Beneath the Surface
However, a closer look reveals a concerning divergence between Solana’s price and the actual health of its network. While its market value has been lifted by ETF flows, the fundamental usage of the blockchain has been declining. On-chain data reveals that daily transactions on the Solana network have plummeted by 43% over three months, falling from 123 million in July to 69 million more recently. Even more telling is the drop in organic user activity; the proportion of transactions from real users (as opposed to network consensus votes) has shrunk from about 35% to under 26% of total activity.
This creates a paradox that analysts are watching closely. The demand for Solana through regulated financial products is booming, yet the organic demand for using its network is cooling off. This situation suggests that the current price strength is heavily reliant on the speculative appeal of ETFs and institutional strategies, rather than being driven by growth in real-world usage and adoption.
The Institutional Engine and Technical Crossroads
The institutional narrative for Solana remains undeniably strong. Beyond the relentless ETF inflows, demand is also visible in the derivatives market. The open interest for Solana futures on the Chicago Mercantile Exchange (CME) had previously surged to a record $800 million, signaling deep engagement from professional and institutional traders. This robust institutional framework provides a compelling reason for Solana’s resilience.
From a technical analysis perspective, Solana is currently testing a critical long-term trendline that has supported its price since 2020. A successful hold above this support, coupled with the ongoing institutional buying, could lay the groundwork for a significant upward move. Some analysts suggest that a firm bounce from this zone could open the path for a longer-term rally toward the $300-$400 range. In the immediate term, however, the asset must contend with resistance levels between $160 and $180, while ensuring that the key support zone between $130 and $145 remains intact.
In summary, Solana finds itself at a crossroads. Its impressive price performance is being fueled by a powerful engine of institutional investment through ETFs. Yet, this financial success story is unfolding alongside a noticeable slowdown in its core network activity. For SOL to embark on a sustained and healthy bull run, it will likely need to see a revival in both its fundamental utility and its technical strength, converging with the undeniable institutional interest it currently enjoys.
