Solana (SOL) Hovers Near $100 as Long-Term Holders Pull Back — Downside Risk Builds
Solana trades near $100, but declining long-term holder accumulation signals building downside risk despite oversold indicators.Summary
Solana (SOL) is currently hovering near the critical $100 support level following a prolonged price decline. Analysis of holder behavior indicates that long-term holders are slowing their accumulation, as shown by the receding HODLer Net Position Change, suggesting weakening conviction rather than aggressive selling.
HODL Waves data reveals a shift, with holders accumulating one to three months ago decreasing while the three-to-six-month cohort grew, indicating underwater investors are holding on. Although momentum indicators like the Money Flow Index suggest oversold conditions that could trigger a short-lived rebound toward $107 resistance, the overall outlook favors downside risk.
If SOL fails to defend $100, the next significant downside target is $95, corresponding to the 178.6% Fibonacci level. A sustained move above $107 would be required to invalidate the bearish macro trend and potentially target $118.
(Source：BeInCrypto)