Solana Price Depends On Existing SOL Holders, Here’s Why
Solana's price recovery hinges on current SOL holders maintaining support as new address creation has sharply declined.Summary
Solana (SOL) is struggling to break the $130 resistance after a recent decline, with its potential recovery now depending more on existing holders than on new market entrants. On-chain data shows the Chaikin Money Flow (CMF) is ticking up, suggesting capital outflows are slowing, which is a critical precursor to inflows and price stabilization. However, network participation is weak, evidenced by a sharp 11.3% drop in new Solana addresses over ten days, indicating hesitant speculative interest. Currently trading around $126, SOL needs to reclaim $130 to shift momentum, relying on current holders to maintain accumulation while waiting for fresh demand to return. Failure to hold the $123 support could lead to a drop toward $118.
(Source：BeInCrypto)