Solana Price on the Edge — A Sharp Break Could End the Buyer-Seller Stalemate
Solana's price is in a stalemate, but easing long-term selling and shifting short-term dynamics suggest a decisive breakout from its current triangle pattern is imminent.Summary
Solana's price is currently locked in a stalemate between buyers and sellers, despite a recent 4.5% gain over 24 hours, as selling pressure continues to meet rallies.
On-chain analysis shows that while long-term holders are still selling (Hodler Net Position Change is negative), the pace of selling has significantly dropped by 60% between October 3rd and 23rd, indicating a potential local bottom formation. Conversely, short-term traders (1-week to 1-month wallets) have reduced their holdings, suggesting profit-taking, while mid-term holders (1-month to 3-month wallets) are quietly accumulating dips.
This balance is reflected technically, as SOL trades within a symmetrical triangle pattern on the daily chart, signaling market indecision. A breakout above the resistance at $211 would favor buyers, while a breakdown below support at $174 would signal a seller victory, ending the current range-bound trading.
(Source：BeInCrypto)