On-chain data for Solana reveals a significant redistribution of its token supply, occurring as the asset’s price consolidates near a crucial technical support zone. Analysis indicates that while the network has experienced a tightening in available supply, this has been accompanied by concurrent inflows of liquidity. These combined forces have provided a foundational layer of support, successfully defending the $120 price threshold against further downward pressure.
Despite this stabilizing effect from spot market dynamics, demand from derivatives traders has remained notably muted. Futures market activity has failed to exhibit the bullish momentum or elevated open interest that often accompanies strong price recoveries. This divergence suggests a market characterized by caution, where underlying supply constraints are providing stability, but a decisive surge in speculative demand has yet to materialize. The current landscape presents a scenario where Solana’s price resilience is being tested, supported by fundamental on-chain shifts rather than leveraged trading enthusiasm.
