Solana Up 9%—But Long-Term Holders Are Selling Into Strength
Despite a 9% weekly gain, Solana shows bearish signs as long-term holders sell and institutional money remains cautious.Summary
Solana (SOL) has gained nearly 9% over the past week but remains down 6% for the month, signaling waning buyer momentum. On-chain data reveals that mid- and long-term holders are reducing their exposure; for instance, wallets holding SOL for 1-2 years decreased their supply share from 20.33% to 18.48%. This profit-taking by patient investors suggests a risk of a short-term pullback. Furthermore, the Chaikin Money Flow (CMF) indicator is negative, indicating that large investors are not aggressively buying. This lack of big-money inflow exacerbates selling pressure. Technically, a hidden bearish divergence on the daily chart, where the price made a lower high while the RSI made a higher high, supports the downside trend. If Solana breaks below the $192 support level, it could lead to a deeper correction toward $182 or $161, invalidating the bearish outlook only if the price closes above $206.
(Source：BeInCrypto)