CRYPTO_THINKS

Solana remains range-bound below $90 after nearly two weeks of consolidation. The lack of direction reflects the continued uncertainty across the crypto market.
On-chain indicators are pointing to a gradual recovery. However, recent losses suffered by investors are still weighing on their sentiment. Technical signals show slight improvement, but market structure suggests risks remain.
Solana's Metrics Send Mixed Signals
The Spent Output Profit Ratio, or SOPR, recently rose above negative territory. A reading below 1 means investors are selling at a loss. The recent increase in SOPR indicates that realized losses are beginning to decline.
Historically, during prolonged bearish periods, SOPR above 1 is considered the first wave of profit-taking. Such transitions can often lead to renewed volatility. When profitability returns briefly, some Solana investors sell to exit their positions, leading to a short-term pullback.
This pattern has played out twice in the past three months. Each time, selling pressure increased again. A similar reaction could be seen if the SOPR crosses above 1 again. This dynamic could limit immediate recovery despite improved on-chain sentiment.
Technical indicators are giving mixed signals. Chaikin Money Flow is increasing, but is still in negative territory. This means that outflows are decreasing, but capital has not yet fully returned to the market.
A move above the zero line would confirm that inflows are continuing. Until this happens, Solana will remain vulnerable to further weakness. Gradual improvement does not necessarily mean a complete reversal, especially in an environment where investors remain cautious.
Institutional flows like Solana
Institutional flows are sending a different signal. Solana recorded $31 million in inflows in the week ending February 13th. Among major tokens, only XRP received nearly as much institutional support.

These inflows indicate continued interest from large wallets. Despite broad bearish market sentiment, companies view Solana as strategically valuable. Such support can slightly compress downside movement during times of market stress.
It is likely that institutional accumulation has prevented a deeper decline. Strong support from large investors increases confidence in the network's long-term prospects. This demand remains a stabilizing factor when retail sentiment fluctuates.
SOL Price Moving Sideways
Solana price is trading at $81 at the time of writing. The token is stuck in a range between support at $78 and resistance at $87. This consolidation has been ongoing for over two weeks, reflecting uncertainty among market participants.
If a clear recovery catalyst does not emerge, this sideways movement is likely to continue. If bearish pressure increases, SOL could slip below $78. In such a breakdown, the next support would be near $73, increasing the short-term downside risk.
A bounce off $78 could reverse momentum. If the price decisively moves above $87, a breakout is likely. Sustained buying pressure could take Solana closer to $100. If SOL crosses this psychological barrier, the price could rise to $110, nullifying the current bearish outlook.$