Solana’s latest pullback may not be what it seems. Despite Solana Price Cooldown (0.6% per day), the network’s on-chain and chart structure suggests that pauses may be reset before the next major leg.
At around $234, Solana still rose nearly 12% last week and rose 16% a month, indicating that the momentum has not waned and has only softened. With a stable build-up in short-term sales pressure meetings, $224 could be a zone pushing out for the new history best after the current fix finds the floor.
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Short-term sales meet a stable accumulation of holders
Some profit bookings have returned. The change in the exchange net position of Solana tracked the ingress and out of central exchanges and reversed from -101 million SOL on October 3 to +182 million SOL on October 5.
Positive reading means that more tokens are being sent to exchange. It is usually a sign that a trader is preparing to sell.
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However, this pressure is balanced by the convictions of medium-term holders. Data from GlassNode’s HODL Waves shows the time when the coins are not moving, highlighting updated accumulations between short- and medium-term holders.
Owners for one week to one month: 9.55% to 13.2% to 1 month to three months: 12.6% to 14.65% to 3 months: 3 months to six months: 11.82% to 12.29% to 12.29% to 12.29% to 12.29% to 12.29% to 12.29% to 12.29% to 12.29% to 12.29% to 12.29% to 12.29% to 12.29% to 12.29% to 1
Simply put, some Solana traders book profits, but small and medium term wallets are quietly added. This combination of sales and purchases often marks a “healthy fix” rather than the start of a trend reversal. However, you will need to read the next section to know the fix floor.
Solana Price Breakout setup targets over $279
On the daily charts, Solana trades within rising channels. This is a pattern characterized by gradually forming highs and higher lows. Within the channel there is a major Solana price level of $224, which has eased the pullback repeatedly.
The latest dips are most likely to halt at this point if they occur more aggressively. This means that several cohorts have been added to Sol Stash despite the assumption of sales pressure for exchange.
Meanwhile, the relative strength index (RSI), which measures momentum, indicates hidden bullish divergence. Between August and late September, Solana Price was lower and RSI was lower. This usually confirms that the uptrend is still strong beneath the surface.
If Solana Price closes daily candles that exceed $245, it could pave the way to its next major resistance: $279. Based on the channel height, potential breakout targets from the channel’s top trendline are roughly at close to $422.
For now, the pullback looks like a sense of relaxation and a deep breath before Solana’s next move gets high. But a dip under $190 will negate bullish prospects for now.
