On January 21, it was reported that in early 2026, amid a sharp correction in global risk assets, Solana (SOL) demonstrated rare relative strength at the institutional funding level. Although SOL’s price recently retreated from its highs and the short-term expectation of breaking through $150 was shattered, the flow of funds and on-chain data sent signals that were inconsistent with the price trend.
In the context of increasing macro uncertainty, a significant plunge in global stock markets, and a single-day evaporation of over $120 billion in total cryptocurrency market capitalization, Solana spot ETFs recorded a net inflow of approximately $3.08 million. This performance stood in stark contrast to Bitcoin, which experienced about $483 million in outflows on the same day, and Ethereum-related products also faced capital withdrawals. During this risk-averse phase, SOL still attracted capital and is regarded as one of the few crypto assets with “counter-trend” capital attraction characteristics.
On-chain data further confirms this resilience. Despite the overall market sentiment being weak, the number of new addresses on the Solana network remained stable. About 8.6 million new addresses were added on Monday, and approximately 8.4 million on Tuesday, only a slight decrease of 2.38%. This indicator generally reflects genuine usage demand and potential user base rather than short-term speculative behavior, thus serving as an important medium- to long-term support for the price.
Price-wise, SOL is currently oscillating around $127, having retraced approximately 12.8% this week. However, the $125 level is forming a key support zone. Buying interest is gradually absorbing selling pressure in this area, temporarily preventing further declines. If the price can re-establish above $132, it is expected to rebound to $136 and recover some of the losses; conversely, if it falls below $125, the market may test the next support level around $119.
In the current volatile environment, the inflow of funds into Solana ETFs, stable network activity, and relative strength outperforming Bitcoin and Ethereum make SOL one of the most closely watched assets in the January 2026 crypto market.
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