Solana (SOL) dropped under the $130 mark, testing a cluster of short-term supports even as its on-chain metrics showed renewed strength. The divergence between price action and network activity leaves traders weighing technical resistance against robust accumulation and liquidity inflows.
SOL fell to roughly $128–$130 and was trading below several key moving averages, including the 100‑hour SMA and the 50‑day EMA. A bearish crossover between the 100‑day and 200‑day SMAs and an hourly MACD in negative territory signalled near‑term momentum on the downside, with the RSI hovering below 50. Immediate resistance clustered at $135–$136 and a more meaningful zone near $140–$144; analysts flagged a bearish trend line at $140.
Support levels were identified at $132, $130 and the $125–$122 range, with a floor near $121.66. A decisive close above $140 was described as necessary to shift the short‑term technical picture back in favour of buyers.
On‑chain indicators painted a contrasting picture. Active addresses jumped by roughly 51–56% during the prior week to six‑month highs above 5.000.000, while weekly transactions surged into the high hundreds of millions and daily averages rose to about 78.000.000, levels not seen since mid‑August 2025.
Staking participation hit a record 68.8%, indicating strong holder commitment and improved network security.
On‑chain metrics, flows and Solana positioning
Liquidity and balance‑sheet dynamics reinforced accumulation: the supply of SOL on exchanges fell to two‑year lows, and whale cohorts holding 1.000–10.000 SOL increased their stock by about 48.000.000 SOL since late November 2025 — roughly 9% of circulating supply. Institutional vehicles added to that demand profile: Solana ETFs recorded $46.88 million in inflows during the latest week, marking the ninth straight week of reported institutional accumulation.
A 30‑day period ending 14 de ene. de 2026 registered a $2.7 billion (≈17%) outflow, stablecoin balances on the chain rebounded more than 15% to an all‑time high near $15.000.000.000, according to on‑chain datasets. That influx expands available capital for DeFi and trading on Solana.
Not all signals were bullish. Open interest in derivatives cooled from about $17.000.000.000 to $7.500.000.000 since September 2025 and spot volume softened since late November 2025, suggesting speculative leverage has retraced.
Investors are now turning their attention to technical validation and protocol upgrades: the planned Firedancer upgrade is expected to materially raise throughput and resilience, and will act as a practical test of Solana’s capacity to convert on‑chain growth into sustained price appreciation.
