$SOL Now around 92u, in a week it went from 74 up to 102, then got smashed back here again. After this big needle, I won’t chase highs, but I still lean bullish on the direction.
First, look at the funding play. In the major-account segment, the number of accounts fell by half a percentage point in seven hours, yet the positions increased by more than one percentage point against the trend. The weak hands were shaken out at the 102 move, and the chips concentrated into stronger hands. On the spot side, net inflows of nearly ten million over three hours, with twelve consecutive green candles—buyers haven’t stopped coming. In plain terms, this isn’t exiting; it’s a change of guards.
The fundamentals also stand on the bulls’ side. ETF net inflows for seven straight weeks. The network upgrade further shortened block time by another slice. On the sentiment front, KOLs are overwhelmingly positive. The weekly structure that repaired all the way up from 74 remains intact—this isn’t a one-day trip.
The problem is leverage. On-chain lending volume surged by more than six times within twelve hours. The spot long/short ratio got pushed into an extreme zone like 14x, and the RSI topped out at 83, reaching overbought. This push to 102 used leverage as fuel. The longs are a bit crowded—if the carry doesn’t hold, the pullback will be amplified.
So the conclusion: the medium-term bias is bullish and I’m not running, but chasing longs at the 92 level has mediocre value. Wait for the pullback to 91 and around 87, and then after it stabilizes there, getting in on the dip will feel much better. The risk is leverage—if during the pullback spot funds start to withdraw first, then this call will have to be reconsidered.
#sol $SOL
First, look at the funding play. In the major-account segment, the number of accounts fell by half a percentage point in seven hours, yet the positions increased by more than one percentage point against the trend. The weak hands were shaken out at the 102 move, and the chips concentrated into stronger hands. On the spot side, net inflows of nearly ten million over three hours, with twelve consecutive green candles—buyers haven’t stopped coming. In plain terms, this isn’t exiting; it’s a change of guards.
The fundamentals also stand on the bulls’ side. ETF net inflows for seven straight weeks. The network upgrade further shortened block time by another slice. On the sentiment front, KOLs are overwhelmingly positive. The weekly structure that repaired all the way up from 74 remains intact—this isn’t a one-day trip.
The problem is leverage. On-chain lending volume surged by more than six times within twelve hours. The spot long/short ratio got pushed into an extreme zone like 14x, and the RSI topped out at 83, reaching overbought. This push to 102 used leverage as fuel. The longs are a bit crowded—if the carry doesn’t hold, the pullback will be amplified.
So the conclusion: the medium-term bias is bullish and I’m not running, but chasing longs at the 92 level has mediocre value. Wait for the pullback to 91 and around 87, and then after it stabilizes there, getting in on the dip will feel much better. The risk is leverage—if during the pullback spot funds start to withdraw first, then this call will have to be reconsidered.
#sol $SOL
