Solana (SOL) on-chain flows show a powerful shift on the provision side, with the crypto asset hovering just above the $120 support zone, but market participation still needs to accentuate to convert this structural advantage into bullish momentum.
Key Takeaways:
-
$2.12 billion flowed into Binance while $1.11 billion flowed out of SOL, forming a textbook bullish structure across the $120 mark.
-
SOL futures volume fell 3%, while BTC and ETH saw a 43% and 24% increase, respectively, indicating sluggish trader participation despite improving spot mechanics.
-
Relative unrealized profit fell to October 2023 lows, indicating a market-wide decline in profitability just like previous accumulation periods.
Stablecoin inflows and SOL supply shortages underpin the $120 floor
Last week, Solana experienced a notable liquidity divergence on Binance, with USDC (USDC) inflows surging to $2.12 billion while SOL outflows topped $1.11 billion. Data from CryptoQuant suggests that this momentum is crucial in defending key support levels, including $120, above which the worth has stabilized.
Seven-day net flow evaluation of Solana. Source: CryptoQuant
Large stablecoin inflows typically represent outstanding liquidity on the buy-side of whales or institutional entities, a few of that are not noted. Meanwhile, native token outflows are reducing selling pressure on the exchange side and reinforcing the concept of a structural supply shortage.
The incontrovertible fact that USDt (USDT) saw an outflow of $450 million further highlights the shift towards USDC-driven capital deployment in Solana ecosystems, a trend that has historically accompanied constructive market behavior.
Despite a tightening supply profile, follow-on demand stays essential. Without the intervention of lively spot buyers, supply strength alone may not sustain broader directional moves.
According to Glassnode's cost basis distribution heatmap, a big group of buyers recently purchased roughly 17.8 million SOL at a price basis of $142 and one other 16 million SOL at $135.
These clusters behave similarly to on-chain support and resistance zones:
-
Large clusters below price result in strong support as many holders are either making profits or are near breakeven and have an incentive to defend.
-
Large clusters above price create potential resistance as trapped liquidity may very well be sold right into a recovery.
Therefore, SOL currently must reclaim $135 and $142 for recent buyers to act as strong fundamental support levels.
Futures activity stalls while SOL PnL resets
As on-chain flows accumulate, derivatives activity suggests a more cautious environment. SOL futures volume fell 3%, while Bitcoin (BTC) and Ether (ETH) posted significant gains of 43% and 24%, respectively.
This imbalance suggests that SOL traders have been unusually quiet, in contrast to the capital entering ecosystems via stablecoins.
Meanwhile, relative unrealized profit has fallen to October 2023 levels when SOL traded near $20. Such declines in profitability may indicate that speculative surpluses have been worn out and the market is in a horny re-accumulation zone.
Net realized profit/loss also recorded sharply negative values in November, reflecting the big realized losses experienced through the formation of the lower range in February-April 2025. Historically, such patterns precede stronger recovery cycles, but traders would wish to resort to converting positioning into bullish momentum.
This article doesn’t contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their very own research when making their decision.
