Solana on-chain flows flag notable supply shift as SOL trades near key support
Solana shows a bullish supply shift with large USDC inflows and SOL outflows near $120 support, but futures volume remains sluggish.Summary
Solana's on-chain metrics indicate a significant supply-side shift as the asset trades near the $120 support level. Last week saw $2.12 billion in USDC flow into Binance against $1.11 billion in SOL outflows, suggesting pending buy-side liquidity and reduced exchange sell pressure, reinforcing the $120 floor. However, derivatives activity is lagging, with SOL futures volume dropping 3% while BTC and ETH saw significant jumps, signaling cautious trader participation. Furthermore, the relative unrealized profit has retreated to October 2023 lows, suggesting a profitability reset characteristic of accumulation phases. For SOL to gain upward momentum, it needs to reclaim key cost basis levels around $135 and $142, where large tranches of holders are currently situated, to convert the supply-side strength into active buying demand.
(Source：Cointelegraph)