Recent on-chain analysis of the Solana network reveals a significant redistribution of SOL tokens, occurring as the asset trades in proximity to a crucial support level. Data indicates a tightening in available supply, a development that has been accompanied by measurable inflows of liquidity into the ecosystem. These combined factors have provided underlying support, helping to maintain SOL’s price above the $120 threshold during recent market fluctuations. However, this foundational support from spot market dynamics contrasts with activity in the derivatives sector. Demand from futures traders has remained notably muted, failing to exhibit the momentum often associated with strong bullish reversals. This divergence between a consolidating spot supply and tepid leveraged interest suggests a period of equilibrium and recalibration among market participants. Analysts are closely monitoring these on-chain flows, as sustained supply constraints coupled with a resurgence in futures market activity could be pivotal for SOL’s next directional move.
