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It could be a sign of a sticky thermostat, but this is just as likely a sign of your temperature compensating board going bad. A famous and inevitable failure in the 240s, and a totally useless part anyway. The fix is free and fairly easy. Do a search for temperature compensating board. Somewhere there is picture of the different steps. It involves taking the instrument cluster out, taking the back off of it, removing the temp comp board, and jumpering two of its terminals to bypass it.
I would jumper the temp comp board before looking anywhere else, since with a '90 you're about due for yours to go bad anyway. And then you'll know that the gauge is working and can accurately surmise that the thermostat is intermittent if the problem still persists. In the meantime, as far as I know it's not harmful to drive with a thermostat stuck open, it's just a little wasteful on the gas.
I think you're smart to pay for the Volvo OEM thermostats. With certain items (thermostats, timing belts, control arm bushings, driveshaft support bearings) it just doesn't pay to get the cheaper parts.
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