Solana’s onchain flows signal a supply-side shift near $120 support, but market participation needs to increase for upside momentum. $2.12B USDC flowed into Binance while $1.11B SOL exited, forming a bullish structure. Stablecoin inflows and SOL outflows underpin the $120 floor, with a potential shift toward USDC-driven capital. Large clusters of SOL buyers at $135 and $142 could act as strong support levels. Futures activity stalls as SOL PnL resets, indicating quiet trader activity despite stablecoin inflows. Unrealized profit drops to 2023 levels, suggesting market reaccumulation. Net Realized Profit/Loss mirrors patterns seen during recovery cycles, awaiting trader participation for upward momentum.

Read more at Cointelegraph: SOL Supply Squeeze Supports $120 Bottom, But Is It Enough?