Solana Faces Renewed Pressure as ETF Outflows Grow

Analyst Joao Wedson cites midterm election patterns as a reason SOL could fall further after a roughly 20% decline over 30 days.

Updated on Nov. 3, 2026 in Investing

Solana Faces Renewed Pressure as ETF Outflows Grow

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Solana (SOL) is down approximately 20% over the past 30 days, and U.S. spot Solana ETFs recorded net outflows of $71.48 million over five trading days. Crypto analyst Joao Wedson referenced midterm election patterns to forecast further decline.

Why it matters

Net outflows from U.S. spot ETFs and falling network activity point to weakening investor demand for the asset. Analysts watching liquidation levels and historical midterm-year behavior suggest the pressure may continue in the near term.

U.S. spot Solana ETFs recorded net outflows of $71.48 million over five trading days, with total net assets of $1.4 billion. The sell-off represents roughly 5% of Solana's total market capitalization.

The players

Joao Wedson

Joao Wedson is a crypto analyst who referenced midterm election patterns in forecasting further decline for Solana.

The details

Analyst Joao Wedson compared SOL's performance to patterns following past midterm elections, noting that SOL underperformed one year after the 2022 midterms before gradually recovering. Solana transactions fell from roughly 163 million to 120 million, while Total Value Locked rose 1% over 24 hours to $5.416 billion. Liquidation clusters below the current price extend toward the $73 region.

October 6: Solana protocol revenue stood at $1.3 million before falling to $442,000.
Past five trading days: U.S. SOL ETFs recorded $71.48 million in net outflows.
Past 30 days: SOL declined approximately 20%.
2022-2023: SOL underperformed one year after midterm elections, then gradually recovered.

Market Dynamics

The current forecast extends the pattern SOL showed after the 2022 midterm elections, when the asset underperformed for a year before recovering. Whether the same cycle repeats depends on whether ETF investors continue exiting positions through the midterm period.

Investors holding SOL or Solana ETF shares face continued price volatility if outflows persist and liquidation levels are tested. Anyone weighing exposure should consider how this asset fits within their broader portfolio risk tolerance.

The takeaway

Net ETF outflows and falling network activity are concrete signals to monitor, but a single historical pattern is not a reliable predictor of future prices. Review how much of any crypto position you can afford to lose before reacting to short-term forecasts.