Solana and Hedera prices remained in a deep bear market as cryptocurrencies declined. SOL token was trading at $157, down by nearly 40% from its highest point this year. HBAR token has dropped to $0.1708, down by about 44% from the YTD high.
SOL and HBAR ETF inflows have continued
Hedera and Solana prices have retreated in the past few months because of the ongoing crypto market crash. Bitcoin and most altcoins have also joined in this crash.
The two tokens have crashed even after the Securities and Exchange Commission (SEC) allowed the launch of their exchange-traded funds (ETF) to start trading in the United States.
Data compiled by SoSoValue shows that these funds have been received well by American investors.
Spot Solana ETFs have had inflows in all days since their approvals. They added over $14 million in inflows on Tuesday as the crypto market meltdown continued.
These funds have had cumulative inflows of over $284 million, bringing their total assets to over $488 million, which is about 0.58% of all assets.
The Bitwise Solana ETF (BSOL) has led with over $400 million, while Grayscale Solana ETF (GSOL) has over $88 million in assets. This growth will likely accelerate in the coming months as the agency approves more ETFs
Similarly, the Canary Solana ETF has had inflows in the past five days, bringing its cumulative inflows to over $68 million. The fund now has over $60 million in assets under management.
This growth is notable as it is happening when the more blue-chip Bitcoin and Ethereum ETFs have continued to shed assets in the past few days. They have all shed assets in the last five consecutive days.
Hedera price technical analysis
The daily timeframe chart shows that the HBAR price has crashed in the past few months, moving from a high of $0.3050 in July to the current $0.1700.
It has formed a descending channel and is now a few points above the lower side. Also, the coin has formed a death cross pattern as the 50-day and 200-day Exponential Moving Averages (EMA) crossed each other.
On the positive side, there are signs that it is forming a double-bottom pattern at $0.1600 and a neckline at $0.2190.
Therefore, while the HBAR price forecast is bearish, the double bottom pattern may lead to a rebound. This bullish outlook will become invalid if it drops below the double-bottom pattern and the lower side of the channel
Solana price technical analysis
The daily timeframe chart shows that the Solana price has been in a strong downward trend in the past few months, moving from a high of $253 to $150.
The coin crashed below the lower side of the ascending channel and then retested it. This performance is known as a break-and-retest pattern, which is a common continuation sign.
The coin has moved below the 50-day and 200-day Exponential Moving Averages (EMA) and is about to form a death cross pattern. It also moved below the key support at $171, its lowest level in October.
Therefore, the most likely scenario is where the Solana token continues falling, potentially to a low of $125, its lowest level in June. A move above the resistance level at $171 will invalidate the bearish view.
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