Solana onchain flows flag notable supply shift as SOL trades near key support

💡 DMK Insight

Solana’s price holding above $120 is a sign of resilience, but futures demand is lagging. The current price of $141.59 reflects a supply crunch that’s keeping Solana buoyant. However, the subdued demand from futures traders suggests that while spot buyers are active, speculative interest might be waning. This could indicate a potential consolidation phase ahead. Traders should keep an eye on the $120 support level; a drop below this could trigger a wave of selling, especially if liquidity conditions tighten further. On the flip side, if futures demand picks up, it could signal renewed bullish momentum, pushing prices higher. Watch for any shifts in trading volume or open interest in futures contracts, as these metrics could provide insight into market sentiment. If we see a significant increase in futures activity, it might be a cue to reassess positions. For now, the focus should be on maintaining a watchful eye on the $120 level and the overall liquidity environment.