Solana (SOL) has been in an uptrend for more than three months, but recent selling pressure briefly disrupted momentum. The altcoin dipped before quickly recovering as investor support stabilized the market.
Despite signs of strength, mixed sentiment among holders is creating uncertainty about Solana’s near-term direction.
Solana Holders Show Mixed Sentiments
On-chain data highlights growing bearishness among long-term holders (LTHs). Solana’s Liveliness metric has spiked in recent weeks, signaling an increase in coins leaving dormant wallets. This behavior suggests LTHs are offloading assets, reducing conviction, and applying downward pressure on the altcoin’s overall price action.
SponsoredFor the past month, this trend has persisted. Although the rate of LTH selling slowed, it did not stop entirely. The consistent exits reflect caution among experienced investors and likely contributed to Solana’s recent dip.
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Countering this pressure, short-term holders (STHs) are maturing. HODL Waves data shows that supply controlled by one to three-month holders has risen to 14.4%, its highest point in five months. This indicates growing confidence from newer market participants who are holding instead of selling into volatility.
The maturing of STHs has been crucial in supporting Solana’s uptrend. By choosing to hold through recent swings, these investors are offsetting the selling activity from LTHs.
SOL Price Is Holding On
Solana is trading at $209, holding above the $206 support level and testing its uptrend line. The steady recovery highlights investor commitment to maintaining bullish momentum after brief interruptions caused by increased selling pressure from LTHs.
The mildly bullish outlook could extend Solana’s rally. If momentum holds, SOL could climb past $214 and $221 resistance levels. A push beyond those thresholds would open the path to $232, reinforcing optimism about further gains in the coming weeks.
However, if selling pressure from long-term holders intensifies, Solana risks slipping below $206. A drop to $200 would invalidate the bullish thesis, signaling weakness and potentially sparking renewed bearish sentiment in the altcoin’s market structure.
