Cryptocurrency analytics company Novaque Research, in its latest assessment of Solana’s price outlook, pointed to a notable divergence in the market. According to the report, despite increasing selling pressure in the futures market, whale accumulation is regaining strength in the spot market.
The analysis noted that the 90-day Taker CVD futures data was supported by buying periods in early 2024 and 2025, but from 2026 onwards, momentum-focused investors began to view rallies as selling opportunities rather than opening new long positions. This, the analysis argued, points to late-cycle market behavior and makes leveraged rallies fragile.
On the other hand, data from the spot market presents a different picture. Looking at the average order size, it appears that large investors are re-entering the market, especially at lower price levels. While order sizes declined during the downturn following the peak in late 2025, large-scale buying clusters have recently begun to form near the bottom levels. According to the analysis company, this indicates that whales are accumulating gradually during periods of weakness rather than chasing the price.
This divergence between futures and spot markets forms a critical structure for Solana. While fatigue and dispersal signals are prominent in futures trading, early-stage accumulation is noticeable in the spot market. According to Novaque Research, this suggests that the downside risk may be limited in the medium term, but a strong uptrend requires a sustainable increase in spot demand.
The report also stated that while price movements still position Solana as an altcoin, the recovery in the ecosystem is rebuilding long-term confidence. Increased developer activity, improvements in network stability, and the resurgence of DeFi and consumer-focused applications were cited as factors supporting Solana’s core dynamics.
