Momentum traders sell futures while Solana falls below $90

Title: Solana drops below $90 as futures show distribution, spot whales re‑accumulate

[Solana] slipped under $90 as volatility returned. Derivatives point to distribution, while spot data shows renewed whale bids.

CryptoQuant’s 90‑day Futures Taker CVD tracks a shift since 2024. Sell pressure dominated, then buyers drove intermittent upside in 2024–early 2025. In 2026, momentum traders distribute into strength instead of adding longs. This aligns with late‑cycle behavior driven by leverage and weaker conviction [CryptoQuant, NewsBTC on late‑cycle conditions].

Spot flows diverge. Average order size is rising at lows, signaling whales re‑entering after months of reduced activity. Large order clusters formed near the recent base, indicating selective accumulation into weakness rather than chasing rallies [CryptoQuant].

This split matters. Futures show exhaustion and distribution. Spot bids absorb sell pressure. CryptoQuant notes this setup can limit downside, but durable upside needs persistent spot demand that outweighs leveraged flows [CryptoQuant].

Technicals confirm stress after a sharp drawdown from $140–$150. SOL printed a lower high and trades below downward‑sloping short‑ and mid‑term MAs. A base is forming near $80–$90 with repeated lower‑wick rejections. Key reclaim levels sit at $110–$120, where former support turned resistance [SOLUSDT chart (TradingView)].

Key levels:
- Support $80–$90 [chart]
- Resistance $110–$120 [chart]
- Prior supply zone $140–$150 [chart]