Solana traded close to the $80 level on Thursday 12 November 2026, with the token changing hands near $81.50 after falling about 4% on the day, as steady withdrawals from US spot exchange-traded funds offset the network's biggest technical upgrade of the year.

The token touched an intraday low of $80.46, according to Binance market data, its weakest level in nearly three months. It has now fallen more than 30% from its October high of $124.80, and has traded below its 200-day moving average of about $89 since 8 November.

ETF outflows weigh on the price

US spot Solana ETFs recorded net outflows of $5.9 million on Wednesday 11 November, bringing settled outflows for November to $52 million, with no day so far this month recording a net inflow, according to data compiled by Crypto Data API. The funds have now seen persistent withdrawals even as the underlying network has improved.

The selling comes amid a broader crypto downturn. Bitcoin fell below $72,000 on Thursday, its lowest since August, while ether struggled to hold above $2,000. Traders pointed to hotter-than-expected US inflation data, which has strengthened expectations of another Federal Reserve rate rise in December, and to a sell-off in AI and chip stocks that has spilled into crypto markets.

Alpenglow upgrade cuts settlement times

The price weakness contrasts with the state of the network itself. Solana's Alpenglow upgrade went live on mainnet on 21 October, replacing the old consensus protocol with one targeting finality of about 150 milliseconds, down from 12.8 seconds previously. The Solana Foundation's October roundup said target slot times had already fallen to 200 milliseconds on 9 October.

Other development has continued. On 10 November, Helius launched Solana Privacy Rings on mainnet, a protocol for encrypted balances and private transfers, according to a Solana Foundation announcement. The network processed 93.48 million transactions in 24 hours on 11 November across 2.71 million active addresses.

Solana's annual developer conference, Breakpoint, is scheduled for 15 to 17 November in London, giving developers and financial institutions another chance to assess the ecosystem's direction.

The $80 level in focus

Traders are now watching whether $80 holds. The round-number level sits about 4% below Thursday's trading range, and prediction markets put a roughly 65% probability on the token printing below $80 at some point in November, according to TradingNews. Support is seen at $81.25, the low reached on 11 November, and then at $78, with resistance at the 200-day average near $89.

The token's 14-day relative strength index has fallen to about 23, a level that typically signals oversold conditions, though oversold readings can persist in a falling market. For now, the market's message is that technical progress alone is not enough to draw buyers back while ETF flows point the other way and the wider risk backdrop remains hostile.

Sources: AD HOC NEWS, Stocktwits