Why SOL price is struggling even as Solana ETF inflows rise

The market selloff has subsided over the past 48 hours, with Bitcoin, Ethereum, and XRP all stabilizing around key levels.SOL, Solana’s native coin, has also stabilized around the $85 level after losing 11% of its value in the last seven days.The recent bearish performance has not affected the institutional appetite, with the ETFs' inflow still rising.Furthermore, retail interest in Solana is slowly recovering, which could push SOL’s price higher in the near term.Institutional appetite for Solana risesSOL is down by less than 1% in the last 24 hours and is now trading below $85. The bearish performance comes despite rising institutional demand for Solana funds.Data obtained from CoinGlass’s Solana ETF page revealed that spot Solana ETFs recorded inflows of $3.8 million on Tuesday, following inflows of $2.1 million on Monday.Institutional demand has been increasing since the start of the month, with buying pressure rising despite the bearish conditions.Retail traders are not left behind as Solana’s derivatives data paints a bullish picture. Solana’s funding rate turned positive on Tuesday and now reads 0.0063%.The positive funding rate means that the bulls are in control, suggesting that SOL could rally higher in the near term.Furthermore, SOL’s long-to-short ratio has climbed above on Wednesday, nearing the positive territory after reaching the lowest level in over a month on Sunday.The ratio climbing above 1 would reignite the bullish sentiment, with traders now opening long positions in the market.Solana technical outlook: Bears eye the $81 support levelThe 4-hour chart remains bearish as Solana is down 11% in the last seven days. Despite the rising retail and institutional demand, SOL continues to underperform.The momentum indicators show that Solana is approaching oversold conditions. The RSI of 39 means that Solana is bearish and could enter the oversold territory if the sell-off continues.The MACD lines are still within the negative territory after flipping last week, adding further selling pressure to the pair.If the bullish trend resumes, the buyers would encounter immediate resistance at the $92.96 area.A candle close above this level would allow the bulls to extend their rally towards the $97.89 resistance, with the $100 psychological level also a target.However, if the sellers continue to dominate, initial support would arrive at the $77.71 level, which coincides with the daily Inducement Liquidity (ILQ) zone.Failure to defend this support level could see Solana revisit the $67.50 level, where buyers can step in.FX:SOLUSD 4H Chart" class="wp-image-748178"/>The bulls would need to defend the April 29 swing low of $81 in the near term to enable them to push SOL’s price higher.This swing low is crucial as breaking below it could expose lower support levels.The ongoing inflation concerns in the United States continue to affect the broader crypto market.However, with retail and institutional demand still growing, SOL could bounce back in the near term.