Solana Price Today, November 23, 2025: SOL Holds Near $130 as ETF Inflows and ‘Double Disinflation’ Proposal Collide

As of Sunday, November 23, 2025, Solana’s native token SOL is trading around $129.8, up roughly 2.5% in the last 24 hours, but still down about 7% over the past week and around 32% over the past month. ^[1]

The modest rebound comes on a busy news day for Solana: record ETF inflows, a live proposal to sharply slow token inflation, and technical analysts warning that a potential death cross could drag the price closer to $100 if key support fails. ^[2]

Solana price today: key numbers at a glance

Current SOL price: ≈ $129.8
24h change:+2.5%
7-day performance:–7.1%
30-day performance: roughly –32.3%
1-year performance: about +49.6%
24h trading range:$125.4 – $131.2
Market cap: ≈ $72.5 billion, making Solana the #7 cryptocurrency by market capitalization. ^[3]

From a longer-term perspective, SOL is still roughly 56% below its all‑time high around $293.3, but significantly higher than a year ago, underscoring how violent 2025’s rally and subsequent correction have been. ^[4]

Today’s top Solana news (23 November 2025)

1. ETF inflows and institutional demand stay red‑hot

A major driver behind Solana’s 2025 story has been the rise of Solana spot ETFs in the U.S. and abroad. That theme continued today:

A Cointribune / Bitget report notes that Solana ETFs have now logged 18 consecutive days of positive net inflows, an unprecedented streak in the crypto ETF space. Total flows since launch in early November have topped $500 million, with around $444 million going into Bitwise’s BSOL fund alone. ^[5]
A separate Bitget markets update and an AInvest “Solana News Today” piece highlight that overall Solana ETF net inflows have surpassed $420 million, led by products from Bitwise, 21Shares, Grayscale, Fidelity, and VanEck. ^[6]
The 21Shares Solana ETF (TSOL) on Cboe has already crossed roughly $100 million in assets, underlining how quickly traditional investment vehicles are accumulating SOL exposure. ^[7]

Taken together, these flows suggest that institutional interest in Solana remains strong, even after the token’s sharp pullback from its September peak. While spot ETFs don’t guarantee price gains, they channel steady demand from wealth managers and funds that previously couldn’t or wouldn’t touch native crypto exchanges.

2. ‘Double disinflation’ proposal (SIMD‑0411) could reshape SOL’s tokenomics

The second major story today is governance. Solana is currently debating SIMD‑0411, sometimes described as the network’s “double disinflation” plan:

The proposal would double Solana’s disinflation rate from 15% to 30%, accelerating the drop in its inflation rate from about 4.5% today toward 1.5% within roughly three years instead of the previously planned timeline to 2032. ^[8]
Analysis from BeInCrypto and CoinCentral estimates that, if adopted, the change would remove around 22.3 million SOL from the projected emission schedule over six years — roughly $2.9 billion at current prices — by shrinking future rewards paid out to validators and stakers. ^[9]
Proponents such as Helius Labs co‑founder Mert Mumtaz argue the adjustment “plugs a leaky bucket,” reducing structural sell pressure from staking rewards while requiring only a minor parameter tweak at the protocol level. ^[10]

Not everyone is thrilled:

Analysts quoted by AMBCrypto warn that DeFi yields on Solana — particularly via liquid staking tokens (LSTs) like jupSOL — could become less attractive in the near term if nominal staking rewards fall faster than fees and application revenue grow. ^[11]

In short, SIMD‑0411 is a classic trade‑off: slightly lower income for stakers and DeFi farmers today in exchange for stronger scarcity and potentially less dumping pressure over the long run.

3. Technical picture: death cross risk and the $123 support line

While the fundamentals and ETF flows look constructive, chart watchers are sounding more cautious.

Two in‑depth technical analyses today — from BeInCrypto and CoinCentral — flag that Solana is flirting with a potential “death cross”, where a shorter‑term exponential moving average (EMA) crosses below a longer‑term EMA. Historically, that pattern has preceded multi‑month downtrends in SOL. ^[12]

Key takeaways from those reports:

SOL is down around 47% from its recent local high, and roughly 30% over the last month, bringing it back to a critical support zone near $123 that hasn’t been tested in months. ^[13]
If that $123 level breaks convincingly, analysts warn that $105–$100 becomes a realistic target zone, effectively revisiting price levels last seen in March. ^[14]
On the upside, both outlets note that holding $123 and reclaiming resistance near around $136 and then $157 would help invalidate the bearish thesis and re‑establish a more constructive structure. ^[15]

Interestingly, on‑chain data offers a possible silver lining: Solana’s net realized profit/loss ratio has fallen to multi‑year lows, indicating that most recent sellers are locking in losses. In prior cycles (March, April, and September 2023), similar extremes preceded medium‑term recoveries as selling pressure exhausted itself. ^[16]

4. Fundamentals: developers, DeFi and real‑world usage

Under the surface, Solana’s fundamental metrics remain robust despite short‑term price turbulence:

A detailed report from 24/7 Wall St. says Solana added 11,534 new developers in the first nine months of 2025, bringing the estimated total to 17,708 active developers, second only to Ethereum. ^[17]
The same piece notes that Solana’s protocol revenue exploded from about $13 million (2022–2023) to roughly $2.85 billion in the 2024–2025 cycle, with the network routinely processing over 10,000 transactions per second at fees often below one cent. ^[18]
A Bitget research article highlights that Solana’s DeFi total value locked (TVL) jumped 32.7% quarter‑over‑quarter in Q3 2025 to about $11.5 billion, fueled by platforms like Kamino (~$2.8b TVL) and Jupiter (~$2.6b), and that Solana’s application revenue capture ratio has climbed above 260%. ^[19]

At the infrastructure level, upcoming upgrades Firedancer and Alpenglow — frequently cited by Bitget and Finbold — are expected to dramatically boost throughput and finality, aiming at sub‑200 ms finality and more resilient validator performance. ^[20]

Meanwhile, traditional finance is deepening its Solana footprint:

Fidelity has added SOL trading across multiple platforms, opening access to both retail investors and institutions. ^[21]
Solana spot ETFs now span issuers including Bitwise (BSOL), 21Shares (TSOL), Grayscale (GSOL), Fidelity (FSOL), and VanEck (VSOL). ^[22]

These trends help explain why outlets like Finbold list Solana among the few assets that could realistically reach a $100 billion market cap by 2026, requiring roughly a 38% increase from its current valuation. ^[23]

How the broader crypto market is shaping SOL today

Solana’s move higher today is not happening in isolation.

According to crypto.news, the entire crypto market is up about 3% on November 23, with Bitcoin bouncing to around $86,000 and altcoins like Zcash and Cronos posting double‑digit gains over 24 hours. ^[24]

Key macro drivers cited:

Dip‑buying after weeks of heavy losses across major coins.
Futures open interest climbing above $125 billion, indicating fresh leveraged bets on a rebound.
Stablecoin balances on exchanges rising back toward $86 billion, up from a local low the day before, which often signals new buying power coming back on‑chain. ^[25]

In other words, today’s SOL bounce is partly beta — a high‑beta asset participating in a broader relief rally — but the sharp institutional focus on Solana makes its reaction particularly interesting.

Solana price outlook: bullish and bearish scenarios

This is not financial advice, but based on today’s news flow and published analyses, a few short‑term scenarios emerge.

Bullish case: support holds and ETF momentum wins

Under an optimistic view:

$123–$125 support holds, preventing the death cross setup from triggering a deeper sell‑off. ^[26]
The SIMD‑0411 “double disinflation” proposal passes, reinforcing a lower‑inflation, more scarcity‑driven narrative for SOL. ^[27]
ETF inflows remain strong or even accelerate, with cumulative flows staying in the hundreds of millions of dollars and Solana ETFs continuing to outperform in a recovering altcoin market. ^[28]
On‑chain profit/loss metrics continue to show capitulation, giving room for a reflexive bounce similar to those seen after prior extremes in 2023. ^[29]

Several research notes and price‑prediction articles published this week point to $136 and $157 as the next resistance bands, with more ambitious traders eyeing the $180–$200 zone if Solana can break out of its current falling wedge structure and ride ongoing ETF demand. ^[30]

Bearish case: death cross triggers a deeper flush

The negative scenario centers on the death cross thesis:

SOL’s shorter‑term EMAs fully cross below the longer‑term trend lines, confirming the pattern flagged by multiple analysts today. ^[31]
Price loses the $123 support zone, turning it into resistance.
Selling resumes as traders who bought the dip cut risk, and ETF inflows slow or reverse.

In that case, published analyses suggest a potential slide into the $105–$100 region, wiping another 20%+ from today’s price and retesting levels seen earlier in 2025. ^[32]

Medium‑term lens: supply, builders and institutions

Stepping back, three medium‑term forces stand out:

Supply dynamics: If SIMD‑0411 passes, Solana’s inflation profile will look meaningfully leaner by 2029, with billions of dollars’ worth of emissions removed from the schedule. ^[33]
Builder activity: Record developer counts and surging protocol revenue suggest network usage and innovation are trending up, not down. ^[34]
Institutional rails: ETFs, major broker support from firms like Fidelity, and experiments with tokenized assets on Solana keep deepening the asset’s integration with traditional finance. ^[35]

How those three forces interact with short‑term chart patterns — death cross or not — will likely define where SOL ends 2025.

What this means for traders and long‑term holders

For short‑term traders, today’s setup is all about levels and volatility:

Watch $123–$125 on the downside and $136 / $150 / $157 on the way up — those are the bands most frequently cited in today’s technical coverage. ^[36]
Expect elevated volatility as ETF headlines, governance votes and macro crypto moves all hit the tape at once.

For long‑term holders, the questions are more structural:

Does the double disinflation plan strike a good balance between sustainable staking yields and lower inflation?
Will Solana’s growing developer base and DeFi ecosystem translate into durable fee generation and real‑world use, not just speculative cycles?
Can the network maintain high uptime and performance as Firedancer and Alpenglow roll out?

None of those questions will be settled in a single trading day, but today’s news flow makes clear that Solana’s story is increasingly being written at the intersection of protocol design, high‑speed infrastructure and traditional finance adoption.

Quick FAQ: Solana price today (23 November 2025)

What is the Solana (SOL) price today?
At the time of writing on November 23, 2025, SOL is trading around $129.8, up roughly 2.5% over the last 24 hours, with a 24h range of $125–$131. ^[37]

Why is Solana up today?
A mix of factors: a broader crypto market rebound driven by dip‑buying and rising stablecoin inflows to exchanges, plus strong Solana‑specific ETF inflows and anticipation around the SIMD‑0411 supply‑reduction proposal. ^[38]

Is Solana’s supply becoming more scarce?
If SIMD‑0411 is approved, Solana’s annual inflation rate is expected to fall from about 4.5% to 1.5% within three years, removing roughly 22.3 million SOL from projected emissions over six years, which should make the asset structurally scarcer over time. ^[39]

Could Solana still crash toward $100?
Yes, several technical analyses warn that if the $123 support fails and the death cross is confirmed, SOL could revisit the $105–$100 zone. Conversely, holding that level and reclaiming $136–$157 would tilt the picture back toward a recovery. ^[40]

Is this a good time to buy Solana?
That depends entirely on your risk tolerance, time horizon, and portfolio strategy. Analysts publish both bullish and bearish cases, and crypto remains highly volatile. Always do your own research and, if needed, consult a licensed financial adviser before making investment decisions.

Is Solana the Next Big Crypto ETF? 🚀