Solana prices have been flat in recent trading, indicating consolidation rather than a definitive recovery. Despite this recovery, investor behavior suggests that confidence remains limited across the broader crypto market.
The past 10 days reflect relative stability within a defined trading range. However, stability is not linked to new accumulation.
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Solana is losing trust with new owners
Solana’s new investors were the first to wind down. Addresses that complete their first transaction on the network are classified as new addresses. Earlier this year, Solana recorded nearly 10 million new addresses during its peak engagement.
Over the past four days, that number has fallen by 23% to 7.62 million. This contraction indicates that adoption momentum is slowing. Restraints in network expansion often reflect hesitation on the part of prospective buyers as they wait for clearer signals of recovery.
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This decline indicates that holders are expecting stronger upside confirmation before moving back aggressively. Many seem reluctant to chase short-term gains. Until we see consistent price increases, onboarding growth is likely to remain subdued.
Solana holders also withdraw
The exchange’s net position change data highlights a shift from buying pressure to selling pressure. Green bars represent inflows to the exchange and usually indicate an intention to sell during a bearish phase. Recent readings show that SOL transfers to trading platforms are increasing.
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Approximately 1.4 million SOLs have entered the exchange in the past 48 hours, valued at approximately $117 million. Such inflows increase the supply available on the exchange. If buyers are unable to absorb distributions, rising balances could limit upside momentum.
If the SOL price continues to rise, short-term holders may intensify their profit-taking selling. These actions often dampen a range bull run. Sustained inflows will strengthen consolidation rather than support a sustained breakout.
SOL price breakout unlikely
Solana price remains range bound between the $89 resistance and $78 support. The current level of $86 places SOL near the midpoint of this channel. While a 10% daily gain improves sentiment, a broader recovery remains uncertain.
Downside risks remain, given slower growth in new addresses and increased foreign exchange inflows. If SOL fails to sustain $78, it could head toward $67. Such a move would confirm the continuation of the prevailing bearish structure.
If investors stop selling and inflows decline, SOL could challenge the resistance at $89. A break above this level could push the price towards $97. If the strength above $97 persists, there is a possibility that the price will aim for $105, invalidating bearish theories and signaling a structural recovery.
