Crypto · Solana

Solana trades near a seven-month low after record weekly ETF outflows and a validator key incident

By VoxTradePro Desk · Published 4 Nov 2026, 08:02 UTC+8 · 3 min read

SOL hovered near $93 after US spot Solana ETFs posted their largest weekly outflow since launch. We cover the flows, the validator incident and key levels.

Solana is trading close to its lowest level in seven months. CoinGecko data captured by our feed at 07:52 Macau time on Wednesday 4 November put SOL at $93.15, up about 1.4% over 24 hours but down about 7.7% over seven days. The 24-hour range was $91.19 to $93.79, and SOL's market value of roughly $55 billion ranked it seventh among cryptocurrencies.

The small daily bounce has not changed the bigger picture. FXStreet reported on 2 November that SOL had just logged a fifth straight weekly loss since late September. Live prices are on our Solana page.

Record weekly ETF outflows

The clearest pressure is coming from funds. US-listed spot Solana ETFs recorded net outflows of $71.47 million last week, the largest weekly withdrawal since they launched, according to SoSoValue data cited by FXStreet. It was also the fourth consecutive week of outflows since early October.

ETF flows matter because they show how much demand is arriving from traditional investors who do not hold coins directly. Cryptonews noted that sustained outflows can remove a source of buying just as broader market conditions weaken. CryptoTicker added that on-chain trackers showed large wallets moving SOL to exchanges over the preceding 48 hours, which traders often read as preparation to sell, though a transfer alone does not confirm a sale.

The Binance hack hit SOL harder

The market-wide shock from last week's Binance hack also weighed on Solana. CryptoTicker reported that on 29 October, the day of the hack, SOL fell from $102.33 to $95.40, a bigger move than bitcoin or ether. Binance paused Solana-network withdrawals during the incident and has since reopened them in stages, the outlet said. Our guide Is crypto safe on an exchange? explains how custody risk and exchange outages can feed into prices.

A separate validator key incident

A smaller security event has affected some stakers but not the network itself. Analytics firm Bitquery said that on 26 October an attacker used operating keys from five Solana validators, including those run by Solflare and Blockdaemon, and took 1,343 SOL worth about $135,000. The funds were bridged to Ethereum and about 57 ETH was sent to the Tornado Cash mixer, Bitquery said. Stakers' delegated SOL was not touched, but the affected validators stopped voting, so delegations to them stopped earning rewards.

CryptoTicker, citing data reported by Unchained, said around 1.56 million SOL had been delegated to the Solflare validator as of 28 October. Solflare has set up a replacement validator and extended the deadline to move stake to 30 November, with missed rewards reimbursed for those who switch, CryptoTicker reported. Solflare has warned that the migration runs only through its app and that it will not send direct messages or links. CryptoTicker described the incident as a footnote for the price, with fund flows doing most of the damage.

Levels traders are watching

FXStreet put SOL below its 50-, 100- and 200-day exponential moving averages, at about $103.81, $99.96 and $98.08 respectively, on 2 November. CryptoTicker reported Monday's low at $90.71 on Kraken. Cryptonews flagged $88.42 as a nearby support level. Moving averages and support zones are explained in our technical indicators guide.

For comparison, the same CoinGecko snapshot showed Ethereum at $2,282.16 and Bitcoin at $77,658, both down less than SOL over seven days (about 2.5% and 3.7%).

What to watch next

Spot SOL ETF flows: a first day of net inflows after four weeks of withdrawals would ease one source of supply.
Exchange balances: whether large transfers to exchanges continue or slow down.
Validator migration: progress on moving stake before Solflare's 30 November deadline.
US jobs report, Friday 6 November: the main macro input for rate expectations across risk assets; see the economic calendar.

Solana often moves more than the wider market in both directions. New to the asset class? Start with crypto market basics and size positions with risk management basics in mind.

Sources

Not financial advice. This article is for general information and education only. It is not a recommendation to buy, sell or hold any asset. Prices move quickly and figures quoted may already be out of date; markets involve risk, including the loss of capital. See our disclaimer.

Related markets: Solana Ethereum Bitcoin