Long-Term Holders Aren’t Buying the Solana Price Reversal Story — Here’s Why
Despite a recent 4.2% price increase, long-term Solana holders are reducing exposure, signaling skepticism about a true reversal amid technical resistance.Summary
Although Solana's price increased by about 4.2% recently, the overall trend remains weak, evidenced by a nearly 22% drop over the past month. On-chain data from HODL Waves shows that the 1-2 year holder cohort reduced their supply share from 19.28% to 17.24% between October 20 and November 19, indicating they do not view the current bounce as a sustainable trend shift.
Technically, the rebound faces significant headwinds. The 100-day EMA is nearing a bearish crossover with the 200-day EMA, mirroring previous patterns that preceded price drops. Furthermore, the price is encountering heavy supply resistance between $140 and $142, where large clusters of SOL were previously purchased. For the rebound to gain strength, Solana needs a clean daily close above $143.
If Solana closes above $143, it could target $146 and then $167. However, failure to hold this level suggests the bounce is merely a pause, potentially leading to a slide below $128. The continued caution from long-term holders, combined with technical pressure, explains their lack of conviction in the current price reversal story.
(Source：BeInCrypto)