- Solana continued to attract ETF inflows and whale accumulation, reinforcing longer-term confidence
- Network activity stayed strong, with daily transactions far outpacing rival blockchains
- Technical and liquidity data suggested key downside levels could come into play if support breaks
2026 quickly emerged as a defining year for Solana, with whale behavior and institutional capital playing an outsized role in shaping price direction. On-chain data painted a strong picture too, showing Solana handling nearly eight times more daily transactions than competing networks, a gap that’s hard to ignore.
ETF flows added another layer of confidence, as US Solana Spot ETFs continued to post consistent green inflows through December 2025 and into the new year. With that backdrop, traders were left asking a simple but important question, was Solana still building momentum, or were early cracks starting to appear.
Whales Old and New Step In
Fresh whale activity tied to ETF products continued to funnel bullish capital into the Solana ecosystem starting December 4. These steady inflows helped reinforce upward price pressure, even as broader crypto markets remained uneven at times.
At the same time, an older, long-dormant whale suddenly resurfaced, purchasing roughly 80,000 SOL worth about $10.87 million from Binance. Moves like that tend to grab attention, not because they guarantee higher prices, but because they often reflect strong conviction rather than short-term speculation.
Together, ETF demand and large-holder accumulation suggested Solana was still in a relatively strong position, although maintaining key support zones remained critical for any sustained upside.
Network Activity Remained a Clear Strength
Solana continued to dominate daily transaction counts, processing roughly eight times more transactions than its closest rivals. That level of throughput highlighted its role as one of the most actively used blockchains, not just in theory but in real, measurable activity.
High transaction volume reinforced Solana’s practical utility, showing that demand wasn’t limited to traders alone. Developers, users, and applications were still engaging with the network at scale, which matters more than hype during uncertain market phases.
Technical Signals Pointed to Potential Weakness
On the daily chart, Solana traded near $136 on January 10, but downside risks began to surface if price moved toward equal lows around $102. In a bearish environment, that level stood out as a potential magnet rather than a distant scenario.
Zooming out to the weekly timeframe, Solana faced pressure if it failed to hold the $122 to $145 range on lower timeframes. A clean loss of $122 could open the door to a move toward $102, where equal highs, broken ascending support, and the 61% Fibonacci retracement all converge, not exactly a comfortable setup.
If that zone failed, deeper downside into the $50 range couldn’t be ruled out. RSI and MACD signals hinted at weakening momentum, suggesting price could continue searching for a bottom if key supports gave way.
Liquidity Lurking Below Price
Solana’s two-week liquidity heatmap revealed heavy clustering of positions below the $120 level. In simple terms, that area could act like a gravity well if bearish sentiment picked up speed.
A sharp move into that liquidity zone risked triggering accelerated liquidations, especially if broader market conditions turned risk-off. For now, price remained above it, but traders were clearly keeping that region on their radar.
