Solana continued its decline, briefly falling to around $61 before experiencing only a slight rebound. The article stated that after a month of net inflows, the SOL spot ETF has turned to net outflows in the last two days, indicating a significant increase in market focus on the $60 support level.

ETF funds turned to outflow

The article mentions that institutional investors have recently begun to reduce their exposure to SOL, due to widening losses on their holdings. For crypto assets, changes in institutional funding often directly impact short-term price performance.

The article cites an example: after the SOL ETF saw selling in March, the price of SOL fell from $91 to $81, demonstrating that large-scale fund reductions can amplify downward pressure on the market.

The company's losses on its holdings widened

In addition to changes in ETF funds, holdings in some Solana-related companies are also under pressure. The article mentions that Forward Industries' paper losses on its SOL bets have exceeded $1.3 billion, and this is not an isolated case.

Meanwhile, in the past 24 hours, the Solana DATs mentioned in the article fell by 29%, reducing the total value of SOL holdings to approximately $1.1 billion. As the performance of these holdings weakened, more funds began to adopt a wait-and-see approach.

$60 becomes short-term support

Market indicators suggest that the decline in SOL has not yet eased significantly. The article states that its Relative Strength Index (RSI) once fell to 15, indicating that the market has entered a clearly oversold zone, with weak buying support.

Against this backdrop, $60 has become the most closely watched short-term support level. If this level is breached, the next support zone mentioned in the article may shift down to around $53.

Overall, SOL's current pressure stems primarily from the shift in institutional funds from inflows to outflows, and a decline in risk appetite resulting from widening losses in related positions. Whether the $60 level can hold in the short term remains a key focus for the market.