Contributory
And in parentheses, some directions from me
Solana sees its on-chain flows shift, with a massive influx of USDC and a strong contraction of the supply in SOL.
The key levels of $120, $135, and $142 now structure the market, while demand remains limited on derivatives.
The reset PnL and the retreat of speculation indicate a re-accumulation zone, but the return of buyers will be essential to restart the trend.
In this kind of configuration, stablecoins play the role of waiting ammunition. When USDC flows concentrate on an ecosystem like Solana, it often signals that institutional investors or whales are positioning themselves, but without having yet firmly pressed the buy button. The market senses the presence of this potential liquidity, which helps defend major supports, particularly the $120 zone.
Another revealing detail: the exit of 450 million dollars in USDT, in favor of USDC. This is not just a simple stablecoin arbitrage. It is also an indicator of confidence. Historically, the increased use of USDC on Solana accompanies healthier building phases, more oriented towards investment and infrastructure than towards pure short-term speculation. For a performance-oriented crypto like SOL, this is a rather constructive base.
On-chain levels marking the ground: 135 $ and 142 $ in sight
The average on-chain cost data shows two large blocks of buyers: around 17.8 million SOL purchased at around 142 dollars and 16 million SOL at around 135 dollars. These areas are not just simple prices on a chart. They represent crowds of investors with a memory, emotions, and a limited pain tolerance.
When large clusters are situated below the price, they often act like a cushion. Holders are close to the breakeven point or already in profit. They therefore have an interest in defending the area, even if it means reinforcing their positions if the market eases. This partly explains the resilience of support around 120 dollars: the recent buying structure is not completely weakened.
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 of October 2023, a period when the token was trading around 20 dollars. In short, the euphoria has been purged. The explosive outperformance of 2024–2025 has given way to a phase where excesses have evaporated and where the weakest hands have already capitulated.
(Or one understood that it was no longer necessary to react to emotion).
But nothing is automatic. To transform this re-accumulation ground into a true bullish catalyst, spot buyers will need to return, derivative traders will need to increase their exposure, and stable liquidity will finally need to start converting massively into SOL.
(Spot buyers return where margins are stronger because the holder of the crypto needs to contribute for the buyers to also contribute, as there are cases where the APR is too low).
To a good listener..
