- Solana gains 0.21% to $87.10 after bouncing 20% from crash lows at $72, with spot inflows flipping positive at $7.69 million on February 8.
- ETF outflows total $5.68 million over the past week with February 6 alone seeing over $1 million exit, marking the seventh instance of such heavy outflows.
- Recovery requires reclaiming $100, while a close below $85 opens downside toward the $72 crash low.
Solana price today trades near $87.10 after consolidating gains from a 20% bounce off the $72 crash low that marked the token’s lowest level since early 2024. The recovery comes alongside a flip to positive spot flows, but heavy ETF outflows signal that institutional investors remain unconvinced the bottom is in.
Spot Inflows Flip Positive At $7.69 Million
SOL Netflows (Source: Coinglass)Coinglass data shows $7.69 million in spot inflows on February 8, breaking a streak of outflows that dominated the crash. The positive flow suggests some buyers view current levels as attractive entry points after the 66% decline from September highs.
The flow reversal from heavy outflows to inflows often signals that near-term selling pressure is exhausting. When spot markets flip positive during a bounce from crash lows, it can indicate that weak hands have capitulated and stronger holders are accumulating.
Daily Chart Shows $100 As Critical Resistance
SOL Price Dynamics (Source: TradingView)On the daily chart, Solana trades below the descending trendline from September that has capped every rally attempt. The $100 level, which previously acted as major support, has now flipped to resistance.
Price crashed through the $100 psychological level and found support at $72, a level not seen since the summer of 2024. The bounce to $87 represents a 20% recovery but remains well below the broken support structure.
Additionally the descending trendline continues to decline and currently runs through approximately $95, creating a ceiling for any recovery attempts.
ETF Outflows Signal Institutional Retreat
While spot flows have improved, Solana-focused ETFs continue to bleed. Outflows totaled a staggering 67,632 SOL, equivalent to $5.68 million, over the past week.
February 6 alone saw over $1 million worth of Solana exit, marking the seventh instance of such heavy outflows.
Derivatives Data Shows Balanced Positioning
SOL Derivatives Data (Source: Coinglass)Open interest sits at $5.33 billion, down 1.18% as the market consolidates. Volume dropped 24.33% to $9.38 billion, reflecting reduced trading activity following the volatility spike during the crash.
The long/short ratio of 1.01 shows nearly balanced positioning, a significant shift from the heavily long-biased market that existed before the liquidation cascade. On Binance, top traders maintain a 3.31 ratio by accounts, showing some bullish bias remains.
Over the past 24 hours, $8 million in positions were liquidated, with $4.63 million from longs and $3.37 million from shorts. The relatively balanced liquidations compared to the heavily long-biased flush during the crash suggests leverage has been substantially cleared.
Options open interest rose 0.83% to $317.30 million while options volume jumped 10.03% to $11.21 million, indicating traders are positioning for continued volatility rather than directional conviction.
Outlook: Will Solana Go Up?
The trend remains bearish while price trades below $100, but the bounce from $72 and flip to positive spot flows suggest selling exhaustion may be near.
- Bullish case: A daily close above $100 would reclaim the broken support and signal that the crash low marked capitulation. The spot inflow reversal and cleared leverage create conditions for recovery if broader market sentiment stabilizes.
- Bearish case: A close below $85 would signal the bounce has failed and target a retest of the $72 low. ETF outflows of $5.68 million weekly show institutions remain unconvinced, and further Bitcoin weakness would drag SOL lower.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Source: https://coinedition.com/solana-price-prediction-sol-defends-87-after-20-surge-while-etfs-continue-to-exit/
