SOL Defends $87 After 20% Surge While ETFs Continue To Exit

• 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

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

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

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.