Cryptocurrency analytics firm Novaque Research has highlighted a notable divergence in the Solana (SOL) market outlook in its latest assessment. The report indicates that while the futures market is experiencing increasing sell-off pressure, whale accumulation in the spot market is quietly gaining momentum.
The analysis specifically examined 90-day Taker CVD futures data. It revealed that while buying support was present in early 2024 and early 2025, investors inclined to chase momentum appear to have viewed price rebounds as opportunities for profit-taking rather than establishing new long positions starting from 2026. Novaque Research suggests this shift signals a potentially late-cycle phase for the market, making leverage-driven rallies more vulnerable.
However, data from the spot market paints a starkly different picture. Based on average order sizes, large investors seem to be re-entering the market, particularly in lower price regions. Although order sizes contracted during the downturn after hitting highs in late 2025, significant buying clusters have recently begun to form in these lower zones. The analytics firm points out that this suggests whales are gradually accumulating during periods of market weakness rather than chasing upward price movements.
This disparity between the futures and spot markets forms the critical structure of Solana's current landscape. The futures trading exhibits signs of fatigue and dispersion, while the spot market displays early accumulation signals. According to Novaque Research, this implies that medium-term downside risks may be somewhat capped, but a robust upward trend will require sustained and steady growth in spot demand.
The report also notes that while price action still positions Solana as an altcoin, the recovery of its ecosystem is reshaping long-term confidence. Increased developer activity, improved network stability, and the re-energization of DeFi News and consumer-facing applications are cited as factors supporting Solana's core momentum.