Solana New Holders Drop by 2.3 Million, Will It Impact Price Recovery?

Solana's price is currently consolidating, showing limited investor confidence despite recent stability. New addresses on the network have decreased by 23% over four days, falling from nearly 10 million to 7.62 million, signaling slowing onboarding momentum as prospective buyers await clearer recovery signals.

Furthermore, existing holders appear to be pulling back, evidenced by increasing exchange net position changes. Approximately 1.4 million SOL, valued around $117 million, entered exchanges in the last 48 hours, suggesting selling pressure or profit-taking which could cap any immediate upside.

Consequently, a decisive price breakout for SOL is unlikely while it remains range-bound between $78 support and $89 resistance. If support fails, SOL could drop toward $67, but a sustained halt in selling and diminished exchange inflows could allow it to challenge $89, potentially targeting $97 or $105.

(Source：BeInCrypto)