SOL Holders Could Face New Risk

Solana price has moved sideways in recent sessions, showing consolidation rather than decisive recovery. Despite this bounce, investor behavior suggests confidence remains limited across the broader crypto market.

The past 10 days have reflected relative stability within a defined trading range. However, stability has not translated into renewed accumulation. 

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Solana Is Losing New Holders’ Confidence

New Solana investors were the first to reduce activity. Addresses completing their first transaction on the network are classified as new addresses. Earlier this year, Solana recorded nearly 10 million new addresses at peak engagement.

Over the past four days, that number has declined by 23% to 7.62 million. The contraction signals a slowing of onboarding momentum. Reduced network expansion often reflects hesitation among prospective buyers waiting for clearer recovery signals.

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This pullback indicates that holders expect stronger upside confirmation before returning aggressively. Many appear unwilling to chase short-term rallies. Until consistent price appreciation emerges, onboarding growth may remain subdued.

Solana Holders Are Also Pulling Back

Exchange net position change data highlights a shift from buying to selling pressure. Green bars represent inflows to exchanges, which typically signal intent to sell during bearish phases. Recent readings show increasing transfers of SOL to trading platforms.

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Approximately 1.4 million SOL entered exchanges over the last 48 hours, worth around $117 million. Such inflows increase available supply on exchanges. Elevated balances can limit upside momentum if buyers fail to absorb distribution.

If SOL price continues rising, short-term holders may intensify profit-taking. That behavior often caps rallies in range-bound markets. Sustained inflows would reinforce consolidation rather than support a sustained breakout.

SOL Price Breakout Unlikely

Solana price remains range-bound between $89 resistance and $78 support. The current level at $86 places SOL near the midpoint of this channel. While the 10% daily gain improves sentiment, broader recovery remains uncertain.

Given slowing new address growth and rising exchange inflows, downside risk persists. A failure to hold $78 could send SOL toward $67. Such a move would confirm the continuation of the prevailing bearish structure.

If investors halt selling and inflows diminish, SOL could challenge $89 resistance. A breakout above that level may push the price toward $97. Sustained strength beyond $97 could target $105, invalidating the bearish thesis and signaling structural recovery.