February 3 News, Solana experienced a technical correction after a sharp sell-off. Over the past seven days, SOL has declined approximately 15.5%, and during the market turbulence from late January to early February, it briefly touched a low of $95.87. Subsequently, the price found support and rebounded nearly 8%, currently climbing back to around $103, indicating that short-term selling pressure is weakening.
On-chain and capital indicators are sending key signals. After completing the downside target of the daily head and shoulders pattern, the Chaikin Money Flow indicator has moved contrary to the trend, forming a classic bullish divergence. This suggests that large funds are beginning to accumulate in the $95–96 range. The indicator is approaching the zero line, and once it turns positive, it will mean that buying strength is starting to dominate the short-term trend.
The behavior of long-term holders also supports the rebound. Activity indicators continue to decline, indicating that old chips are not being sold off on a large scale, and market panic is limited. However, short-term speculative capital is increasing. HODL Waves show that addresses holding for 1 day to 1 week are rising, reflecting more short-term traders entering the market, which could lead to increased volatility later on.
From a technical perspective, the $95.87–96.88 zone is the most critical support area. If broken, SOL could re-target $77. The first resistance above is at $103.60, with the real bull-bear dividing line at $120.88. This level coincides with the 20-day EMA and previous key highs, historically triggering strong rebounds.
If SOL can effectively hold above $120, the market may refocus on $128 or even $148; conversely, if trading volume remains insufficient, the short-term rally could quickly cool down. Moving forward, capital flow and the stability of long-term holders will determine whether Solana can complete a trend reversal.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Kyle Samani: PropAMM is one of the most important innovations in market microstructure over the past few decades.
Multicoin Capital co-founder Kyle Samani stated that PropAMM is an important innovation in market microstructure in recent years, optimizing market maker quote latency, directly hosting algorithms on the blockchain to enable real-time information sharing, thereby improving trading efficiency.
GateNews44m ago
FTX/Alameda Unstakes 197,637 SOL Worth $17.07 Million
Gate News bot message, FTX/Alameda has unstaked 197,637 SOL tokens, with a total value of $17.07 million.
GateNews50m ago
Wintermute CEO Reveals Three Futures of Cryptocurrency, Most Paths Are Dead Ends
Wintermute CEO Evgeny Gaevoy analyzed three possible futures for cryptocurrency. He believes that the most likely scenario is traditional finance absorbing crypto, but this would stifle the ideals of crypto punk; a fully decentralized future is almost impossible. The third parallel coexistence model is the only worthwhile direction to pursue, requiring the crypto community to take concrete actions to protect individual sovereignty. Gaevoy feels confused about the current state of the industry, reflecting the conflict between personal ideals and commercial interests.
MarketWhisper51m ago
U.S. SOL Spot ETF saw a net inflow of $1,663,100 in a single day
On March 12, Gate News reported that the US SOL spot ETF had a net inflow of $1,663,100 on March 11, with the Bitwise Solana Staking ETF net inflow of $3,151,700, bringing the total net inflow in history to $771 million. Grayscale Solana Trust, on the other hand, experienced a net outflow of $1,488,600. The total assets under management (AUM) amount to $830 million.
GateNews2h ago
