Solana Price Faces Crash Risk Despite 8 Million New Investors
Despite gaining 8 million new addresses, Solana's price risks a pullback due to an ascending wedge pattern and weakening long-term holder buying pressure.Summary
Although Solana's overall trend remains higher, technical indicators suggest near-term risks of a price correction. The network has seen significant adoption, with over 8 million new addresses transacting in a single 24-hour period, signaling strong demand driven by DeFi and memecoins.
However, on-chain data shows that buying pressure from established holders is weakening, while selling pressure is increasing, offsetting new capital inflows. This shift suggests legacy holders are reducing exposure, which typically precedes price weakness.
Technically, SOL is trading near $144 within an ascending wedge pattern, a formation that often projects a bearish continuation. A breakdown could lead to a 9.5% decline, targeting the $129 level. A confirmed break above $146, however, would invalidate this bearish outlook and suggest a move toward $151.
(Source：BeInCrypto)