SOL has been sluggish lately. It’s hovering around $85, with ongoing outflows from ETFs as the background. It’s down 0.75% over 24 hours, but market participation seems weak.

Looking at the derivatives market, open interest in futures has decreased by 5%, indicating reduced participation from small traders. The long-short ratio is around 0.98, so short-term, bearish positions are dominant. The funding rate is also negative, showing an increase in short positions.

Technically, SOL is trading below the 50-day, 100-day, and 200-day EMAs. If it can break above the 50-day EMA near $87, selling pressure may ease. The support level is around $77.60; breaking below this could lead to further declines.

The MACD is slightly bullish, but the RSI remains below 50, indicating buyers have not yet regained dominance. Recent ETF inflows of $1.27 million suggest some stabilization, but the broader trend still reflects cautious positioning. The next move will likely depend on the developments in Solana’s ETF activity.