Recent analysis shows mixed signals in the Solana (SOL) market, with long-term holders actively selling while new investors enter the fray.
Long-term holders' selling dynamics
Data from Glassnode indicates that long-term SOL holders (LTH) have resumed selling after a brief accumulation period. At their peak accumulation on June 22, these holders added roughly 170 million SOL, but by June 28, they began a mass sell-off, leading to net outflows of 491 million SOL. This marks a return to a week-long distribution pattern.
Surge in new addresses and changes in investor interest
While long-term holders were selling, there was a significant increase in interest from new participants. On June 22, 5.44 million new SOL addresses were created, the highest number in nearly two months. However, by June 28, the count of new addresses decreased to 3.35 million, aligning more closely with baseline activity observed earlier in June.
Technical analysis of Solana and forecasts
Currently, Solana (SOL) is trading at $150.72 USDT, showing flat performance for the day (0.00%) after an 11.25% weekly rally. Despite this recent rise, SOL remains below key moving averages, indicating continued structural weakness. Technical analysis suggests that SOL is within a bullish flag formation, and for further upward movement, it needs to hold above $150 with strong trading volume.
In conclusion, the current market situation for Solana shows the selling activity of long-term holders alongside the entrance of new investors. Technical indicators signal potential recovery, but investors should keep a close eye on price movements.
