Solana Holds a Key Technical Level as USDC Inflows Strengthen

While many eyes remain fixed on Bitcoin and Ether, Solana is currently playing a much subtler game. The SOL crypto remains above 120 dollars, supported by a massive shift in liquidity and on-chain supply. However, trader-side demand remains surprisingly timid. And as long as this gap persists, Solana’s structural advantage is not fully reflected in the price.

A Massive Inflow of Stablecoins, a Contracting SOL Crypto Supply

Binance is experiencing a drop in its cryptocurrency reserves, while stablecoin inflows reach record levels. USDC inflows have exceeded 2.12 billion dollars, while more than 1.11 billion dollars in SOL have left the platform. In other words, liquidity in stablecoins is strengthening at the very moment when the supply of SOL on order books is shrinking. For a crypto, this type of configuration reveals the first signals of a “supply crunch”: capital accumulates awaiting deployment while tokens available for immediate sale decrease.

In such a configuration, stablecoins act as ammunition on hold. When USDC flows concentrate on an ecosystem like Solana, it often signals that institutional investors or whales are positioning themselves, but without having firmly pressed the buy button yet. The market senses the presence of this potential liquidity, which helps defend major supports, notably the 120 dollar zone.

Another revealing detail: the outflow of 450 million dollars in USDT in favor of USDC. This is not just a simple stablecoin arbitrage. It is also a confidence indicator. Historically, increased USDC usage on Solana accompanies healthier building phases, more oriented toward investment and infrastructure than pure short-term speculation. For a performance-oriented crypto like SOL, this is a rather constructive basis.

On-chain Levels Marking the Terrain: $135 and $142 in Sight

Average cost on-chain data shows two large buyer blocks: about 17.8 million SOL purchased around 142 dollars and 16 million SOL around 135 dollars. These zones are not just prices on a chart. They materialize crowds of investors with memory, emotions, and limited pain tolerance.

When large clusters are situated below the price, they often act like a cushion. Holders are close to breakeven or already in profit. They therefore have an interest in defending the zone, even reinforcing their positions if the market relaxes. This partly explains the resilience of the support around 120 dollars: the recent buying structure is not completely weakened.

Conversely, massive clusters above the price create potential ceilings. Trapped investors, buyers at 135 and 142 dollars, may be tempted to sell as soon as the price returns to their entry level to “get out clean.” As long as SOL fails to sustainably reclaim these two levels, the crypto remains locked in a zone of neutrality, with latent selling pressure as soon as the market rises too quickly. The real bullish pivot will play out precisely there: a rebound of 135, then 142 dollars, with real volume.

Derivatives Slowing, PnL Reset: A Reaccumulation Terrain

While on-chain tells a story of accumulation and supply contraction, the derivatives market, on the other hand, is cooling off. SOL futures volume drops by about 3%, while at the same time, contracts on Bitcoin and Ether increase significantly, with rises of 43% and 24%. Crypto traders are therefore selective: the appetite for leverage concentrates elsewhere than on Solana.

This relative calm is not necessarily bad news. Less leverage often means fewer brutal liquidations and less speculative noise. According to unrealized profit metrics, the SOL market has returned to profitability levels close to those in October 2023, a period when the token traded around 20 dollars. In other words, the euphoria has been purged. The explosive outperformance of 2024–2025 has given way to a phase where excesses have evaporated and the weakest hands have already capitulated.

Net Realized Profit/Loss indicators recorded heavy realized losses in November, similar to those observed during the February–April 2025 bottom. Historically, this type of configuration often appears just before stronger recovery cycles. But nothing is automatic. To transform this re-accumulation terrain into a true bullish catalyst, spot buyers must return, derivative traders must increase their exposure, and stable liquidity must finally start converting massively into SOL.