U.S. spot crypto ETFs sent mixed signals on Feb. 5 as capital rotated unevenly across major digital assets. According to SoSoValue data, spot Bitcoin ETFs recorded $434 million in net outflows. BlackRock’s IBIT led the declines, shedding $175 million in a single session. Ethereum spot ETFs also faced pressure, logging $80.79 million in net outflows. However, Solana spot ETFs moved against the broader trend, recording $2.82 million in net inflows.
Besides fund flows, network data highlighted a clear divergence. Solana processed more than $31 billion in total DEX spot volume over the past week. This activity suggested sustained user engagement despite market volatility. Consequently, traders continued to separate short-term price action from underlying network demand.
Price Weakness Persists After Key Rejection
However, SOL price action remained under pressure. Solana traded at $81.12, reflecting a 10.15% daily decline. The token also posted a 29.70% loss over the past seven days. With 570 million SOL in circulation, the network’s market value stood near $45.9 billion.
Shah noted that SOL dropped roughly $66 within 2.5 weeks. He argued that projecting a straight-line collapse to zero misreads market structure. According to Shah, price trends rarely move linearly without pauses or volatility shifts. Hence, short-term momentum should not override established support behavior.
From a technical perspective, SOL stayed locked in a sharp daily downtrend. Sellers gained control after price failed near the $148–$150 supply zone. Consequently, the break below $120 accelerated downside momentum. Price action then pushed into the $85–$83 demand range, which now serves as initial support.
A daily close below $82 would likely expose $76, followed by $68. Additionally, overhead resistance remains layered between $92 and $96. Further upside barriers sit near $108 and $120, where sellers previously dominated.
Long-Term Perspective Remains Contested
Moreover, longer-term comparisons continue to shape market debate. Borovik pointed out that SOL remains down over 60% from its all-time high. He recalled that during the last bear cycle, Solana traded near $8 before rallying more than 3,500% over the following year.
If a similar percentage recovery occurred again, SOL would trade above $3,300. Borovik acknowledged that such a move appears extreme under current conditions. Significantly, he instead framed $1,000 as a more realistic long-term target by 2030, assuming sustained adoption.
Source: https://coinpaper.com/14345/solana-spot-et-fs-record-2-82-m-inflows-as-dex-volume-hits-31-b-can-sol-reach-1-000-by-2030
