Solana (SOL) spot ETF recorded its first positive net inflow in six trading days on Apr. 2, drawing $932,850 after a stretch of outflows and flat activity totaling roughly $15 million in losses, but on-chain data shows exchange participants are already selling into the early bounce.

Solana ETF Inflows Resume

The Apr. 2 inflow broke a streak that included three days of outflows and three days of zero activity dating back to late March. On the daily chart, a bullish RSI divergence has formed between Jan. 31 and Apr. 2, with SOL printing a lower low while the Relative Strength Index made a higher low.

This pattern has appeared twice before with sharply different results.

A divergence confirmed around Mar. 8 preceded a 21.5% rally over the following eight days, supported by consistent ETF inflows of $1.66 million, $3.92 million, $7.60 million and $2.82 million. A second divergence confirmed near Mar. 29 produced only a 10% bounce, with ETF flows either flat or negative throughout.

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Glassnode Exchange Data Signals Selling Pressure

While institutional flows offer a potential tailwind, Glassnode data tells a different story. The exchange net position change — a metric tracking net movement of tokens into and out of exchange wallets — surged from 160,431 SOL on Apr. 1 to 860,995 SOL on Apr. 2. That fivefold spike indicates more SOL flowing onto exchanges than leaving, which typically reflects selling intent.

SOL currently trades near $80.35, sitting on the 0.618 Fibonacci retracement at $79.06. A daily close below $79 would open the path toward $73.99 at the 0.786 Fib level, with $67.53 as the next major support below that.

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