Solana Price Outlook as BTC Slips Below $76K: How Much Lower Could SOL Go?

Solana price rebounded to $90.41 on Friday, November 6, after briefly slipping below $90 during the broader market sell-off. 

Bitcoin price hovered below at $76k, while Ethereum (ETH) traded at $2,231 and XRP stood at $1.19. The sell-off erased Bitcoin’s post-election gains and left Solana near the lows it reached earlier in November.

Bitcoin Price Falls Below $75K for First Time Since August as Tech Stocks Slide

Bitcoin touched about $74,800 on Friday, its lowest level since August 21, as the technology rout spread. The Nasdaq Composite dropped 5.52% on Thursday, shedding as much as $2.5 trillion in market value. Asian and European shares fell on Friday as investors reassessed spending plans for artificial intelligence infrastructure.

Rolling 24-hour crypto liquidations eased to about $707 million after exceeding $1 billion earlier in the sell-off. Leveraged long positions accounted for most of the earlier liquidations, adding to selling as exchanges closed those trades. 

The Crypto Fear and Greed Index slipped to 31, putting sentiment in the fear range. U.S. money market fund assets rose $114.46 billion to $8.016 trillion in the week ended November 4.

U.S. employers added 165,000 jobs in October, beating forecasts of 65,000, while unemployment edged down to 4.1%. 

The stronger hiring figures increased bets that the Federal Reserve would raise rates again in December. The 10-year Treasury yield jumped 6.4 basis points to 4.894% in the initial reaction.

The next U.S. inflation report, due November 10, could prompt traders to reassess those rate expectations.

How Much Lower Could SOL Go?

SOL price traded just above its 200-day simple moving average of $89.04, with the nearest support at $88.30. A break below that support would put $87 in focus. A daily close beneath $85 could expose $80, where buyers may step in. If that level gives way, the next downside target is $75.

Solana’s daily 14-period relative strength index (RSI) read 32.4, just above the oversold threshold of 30. The MACD line sat at −4.46, below the signal line at −3.81, and its histogram read −0.64.

For a rebound to gain traction, the long-term SOL projection would first need to clear resistance at $95. A daily close above that level could bring $100 into play, followed by $110.

BTC and SOL ETFs Record Net Outflows

U.S. spot Bitcoin ETFs posted $430.2 million in net outflows on November 5, the latest complete reporting session. That reversed Wednesday’s $74.6 million inflow and brought the week’s net withdrawals to $869.8 million through Thursday. 

FBTC led redemptions with $199.9 million, followed by IBIT at $105 million. Six Bitcoin funds recorded withdrawals, and none posted net inflows.

Spot Solana ETFs recorded $800,000 in net outflows on November 5 after three sessions of flat flows. GSOL accounted for the entire withdrawal, while the other six tracked funds reported zero net flows.