Why Solana’s 9% Price Bounce Is Failing to Convince Its Strongest Holders

Solana (SOL) experienced a nearly 9% price rebound from $75 to above $82, but this recovery lacks conviction from its strongest investors. The HODLer Net Position Change metric shows that long-term holders (those holding SOL for over 155 days) drastically reduced their accumulation by about 62.5% in two weeks, falling from 1.5 million SOL added on February 10 to just 564,317 SOL by February 24. This fading buying momentum, coupled with a 27.9% decline in mid-term holder supply share, suggests investors are using the bounce as an exit opportunity rather than signaling a sustained recovery. Furthermore, the price is facing significant resistance near $82.81 to $83.79, where over 22 million SOL were accumulated, representing a break-even zone for many sellers. Technically, the price has not invalidated a prior bearish head-and-shoulders pattern, which projects a downside target toward $68.71, implying a potential 17% drop if immediate resistance at $82.91 is not cleared.

(Source：BeInCrypto)