Solana price dropped to about $137, down roughly 2% on the day, even as larger buyers scooped up more than $13 million in SOL tokens. It happened during a tense stretch for the Solana network, with fresh security concerns and uneven ETF activity giving traders plenty to process.
Data shared by Ted Pillows shows the Bitwise Solana ETF added $13.15 million in SOL on November 28. Two large transfers, including one above 56,000 SOL, came through Coinbase and Fireblocks custody.
These are not retail-sized moves. They point to steady institutional interest in Solana crypto exposure, even with the recent dip.
But the backdrop is unsettled. Upbit confirmed unauthorized withdrawals of over $30M in Solana assets on Nov 27, forcing the exchange to halt deposits and withdrawals. The reaction was immediate as users shifted tokens to cold storage, draining exchange liquidity and adding pressure on the Solana price.
Upbit pledged compensation on Nov 28, but traders are waiting to see whether the stolen SOL tokens can be frozen or traced. The situation tightened further when CoinShares canceled its staked SOL ETF, citing incomplete structuring deals. Existing SOL ETFs still hold $915M AUM, but the withdrawal clipped near-term institutional momentum.
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Solana Price Analysis: Key Levels to Watch
SOL is trading around $137.6, down from a high of $143 earlier in the day. The daily structure appears weak, and the recent decline seems overextended, indicating that the market may be cooling off.
The RSI at 40.6 sits in the middle but tilts slightly bearish. The MACD is still below zero, suggesting sellers maintain a slight advantage for now.
The moving averages aren’t helping the bulls either. The 10-day exponential moving average (EMA) is at 138.4, while the simple moving average (SMA) is at 135.6, indicating mixed momentum in the short term. The overall trend remains weak, as the 20-day EMA (143.9), 50-day EMA (162.9), 100-day EMA (175.4), and 200-day EMA (177.5) are all above the current price. This suggests that Solana is in a broader corrective phase.
Immediate support sits at $136, the day’s low. Losing this level could open a slide toward lower April–May demand zones. On the upside, $143 remains the first resistance. A daily close above it would shift the short-term Solana price outlook back toward recovery and test the $150+ region where trend momentum flips.
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