Solana is having a rough day — and a rough month.
SOL was trading at around $83.34 on 11 November 2026, down 3.59% in 24 hours, according to CoinStats. The token is now down 10.65% over seven days and 25.62% over 30 days, with a market capitalisation of about $49.11 billion, making it the seventh-largest cryptocurrency. It sits roughly 71.6% below its all-time high of $293.31, set on 19 January 2025.
The latest leg lower has a clear trigger: Chinese authorities halted an offline Solana promotional event in Shanghai, and the People's Bank of China is now investigating the institutions and individuals involved.
What happened: a halted event in Shanghai
Chinese regulators halted a planned offline Solana event in Shanghai over alleged unauthorised promotion of virtual currency business, according to reports cited by TradersUnion and CrowdfundInsider. The South China Morning Post reported that the People's Bank of China plans to investigate parties tied to the event, which was stopped after it began.
China has banned cryptocurrency trading and promotion on the mainland for years, so any large public crypto event there carries obvious regulatory risk. The halt and the prospect of a central-bank probe added fresh uncertainty for SOL holders — and the price reacted immediately, sliding more than 3% on the day.
It is the second regulatory-flavoured headline hitting Solana in a week, and it comes at a moment when the whole market is already on edge. Bitcoin is trading around $73,600 after briefly falling toward $72,700 overnight, Ethereum is near $2,050, and XRP is around $1.06 — all still well below their levels from a week ago, according to CaptainAltcoin.
ETF outflows are not helping
Institutional demand for Solana is also weakening. US spot Solana ETFs recorded net outflows of $7.7 million on 9 November, CoinStats reported, continuing a run of weak flows. SOL futures open intereststood at $5.10 billion on 9 November, according to CoinGlass data cited by FXStreet — a sign that traders are pulling back rather than piling in.
The pattern matches the wider market. US spot Bitcoin ETFs lost about $201 million and spot Ethereum ETFs about $185 million on 9 November, marking a third consecutive session of outflows for both, according to KuCoin's daily market report. The common cause is macro: hotter-than-expected US inflation data has strengthened expectations that the Federal Reserve will raise interest rates again in December, and risk assets are selling off across the board.
The Crypto Fear & Greed Index read 29–30 on 11 November, firmly in "Fear" territory, and Bitcoin dominance has climbed toward 60.5%, according to CryptoNews — a sign that capital is rotating out of altcoins and into Bitcoin. Ethereum has lost 9.1% over seven days and Solana 9.6% over the same period, the same report noted.
The numbers behind the Solana sell-off
Here is where Solana stands on 11 November 2026:
- Solana (SOL): ~$83.34, down 3.59% in 24 hours; down 10.65% in 7 days; down 25.62% in 30 days
- Market cap: about $49.11 billion, ranked #7
- 24-hour trading volume: about $4.32 billion (CoinStats)
- 24-hour range: $81.59–$86.65
- All-time high: $293.31 (19 January 2025) — SOL is about 71.6% below it
- Spot SOL ETF flows: $7.7 million in net outflows on 9 November
- SOL futures open interest: $5.10 billion on 9 November
One more supply note: new SOL tokens worth roughly $33.1 million at current prices were scheduled to unlock around 11 November, according to DefiLlama data cited by Crypheat. Unlocks add sellable supply, and in a fearful market even a modest unlock can add pressure.
The key levels to watch for Solana
Technically, Solana is trading below its 200-day simple moving average, which analysts treat as the pivot between a bearish outlook and a recovery scenario. Support and resistance cluster between $80 and $85 on the downside and $89 to $98 on the upside, according to CoinStats.
Flicker's levels put the nearest support at $80.83 and the nearest resistance at $83.98, with a buy zone of $78.60–$82.90 and a stop at $72.14. TradersUnion's model projects SOL fluctuating within a $72.36 to $90.45 band over the next two to three trading days.
The message is consistent: $80 is the line in the sand. Hold it, and the sell-off may stabilise; lose it, and the next stop is the low-$70s.
Not all the news is bad: Jupiter and Schwab
There are still positive developments under the surface. Jupiter, the largest trading platform on Solana, is rolling out four new products this week, including token Baskets and curator-run yield Vaults. Vaults opens on 11 November as a private beta for more than 19,000 waitlisted users and eligible staked JUP holders. The launches precede Solana Breakpoint in London on 15 November, the ecosystem's flagship conference.
Meanwhile, Charles Schwab announced on 9 November that clients can now buy and sell Solana, Avalanche and Chainlink on its Schwab Crypto platform — another step in Solana's slow march into mainstream brokerage accounts.
These are real, constructive developments. But they are being drowned out for now by the macro backdrop and the China headlines. In a fear-driven market, even good ecosystem news struggles to lift prices.
The bottom line
Solana has fallen to around $83 after Chinese authorities halted a Shanghai promotional event, the People's Bank of China opened an investigation, and spot SOL ETFs continued to bleed money. With SOL below its 200-day moving average, down more than 25% in a month, and the Fear & Greed Index at 29, the near-term trend is clearly down.
Watch $80 support first. If it holds into Solana Breakpoint on 15 November — with Jupiter's product launches landing this week — the selling may run out of steam. If it breaks, the $72–$75 zone is next.
Disclaimer: This article is for informational purposes only and is not financial advice. Cryptocurrency prices are volatile and you can lose money. Do your own research before making any investment decision.
Sources: CoinStats, "Solana (SOL) News Today: Why SOL Is Down – 11 November 2026"; TradersUnion, "Solana drops as Chinese authorities halt Solana event in Shanghai" (11 Nov 2026); CaptainAltcoin, "Why Is Crypto Market Down Today (November 11)?"; KuCoin, "Crypto Daily Market Report" (11 Nov 2026); CryptoNews, "Is Capital Abandoning Altcoins? Ethereum and Solana Price Slide" (11 Nov 2026); Crypheat, Solana price page (11 Nov 2026).
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