January 28 News, over the past few months, Solana’s price has been under continuous pressure. Against the backdrop of declining macro risk appetite and overall weakness in the crypto market, SOL has failed to establish a stable upward structure since September last year. However, as February approaches, market expectations for Solana’s price trend are changing, and the behavior of institutions and long-term holders is sending intriguing signals.
From a capital perspective, institutional sentiment towards Solana remains relatively resilient. From early January to January 23, SOL saw a cumulative inflow of approximately $92.9 million from institutional funds, ranking second among major cryptocurrencies after Bitcoin. More notably, during the week ending January 23, Solana was one of the few mainstream altcoins to experience net inflows, while other assets generally faced pressure. This divergence indicates that institutions are selectively positioning in Solana rather than completely withdrawing from risk assets.
On-chain data also reflects holder patience. HODL Waves show that addresses with holding periods between 3 to 6 months have significantly increased in proportion in the short term. Many of these investors built positions in Q4 2025 and are currently still at unrealized losses, but they have not engaged in concentrated selling. This behavior usually suggests that investors still hold expectations for a mid-term recovery, which can help alleviate selling pressure during downward phases.
Momentum indicators also show signs of improvement. The Chaikin Money Flow indicator recently returned above zero, marking the first time in months, indicating that capital flow is shifting from outflow to mild inflow, aligning with institutional fund performance.
Price-wise, SOL is currently hovering around $127, with the $116 level providing multiple supports below. As long as this range is not effectively broken downward, the short-term structure remains stable. If sentiment and capital continue to improve, the price could test the $147 level; conversely, if macro conditions tighten again and the support level is broken, there is a possibility of retesting $106 or even lower.
February has historically been a relatively active month for Solana. The seasonal advantage combined with current changes in capital structure makes it a market focus. Whether SOL can truly reverse its downward trend depends on the continued flow of funds and the overall market risk appetite.
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