Amidst the market's widespread bearish sentiment, I sense a different flavor.

Yesterday, SOL was teetering around $124, with nearly $90 million in long positions hanging by a thread. The entire market was filled with panic. Retail investors were frantically shorting, with leverage on shorts reaching $204 million, far surpassing the longs. Everything seemed so hopeless.

But a closer look at the underlying data reveals that things are not so simple.

The most interesting aspect is this "contradiction"—while retail traders are indulging in leveraged shorts, institutional money is quietly flowing into the Solana spot ETF. Since December 4th, the SOL spot ETF on the US side has been experiencing net inflows. This divergence is quite ironic. There's an old Wall Street saying: "When grandma and grandpa line up and professional institutions move in the opposite direction, follow the guys in suits."

On-chain data makes this signal even clearer. Over $8.77 million worth of SOL is flowing from exchanges into private wallets. What does this "accumulation" behavior mean? It indicates that some are optimistic about the long term, buying chips from the market to reduce selling pressure.

From a technical perspective, SOL is at a critical turning point. The weekly support at $117 is a lifeline—if it breaks, a deeper correction could be triggered. On the daily chart, $123.50 is a key recent support level. These levels are not arbitrary; they are actual battlegrounds between bulls and bears.

So you see, the market appears pessimistic on the surface, but in reality, institutions and retail investors are doing completely opposite things. One is buying, the other is selling. Who will win in the end? History tells us that it’s usually the party holding a long-term perspective and willing to accumulate chips.