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

Core Insights - Solana's price has shown consolidation without decisive recovery, indicating limited investor confidence in the broader crypto market [1] - New Solana investors have reduced their activity significantly, with new addresses dropping from nearly 10 million to 7.62 million, a decline of 23% [2][3] - The shift in investor behavior suggests a hesitance among potential buyers, waiting for clearer recovery signals before engaging [3][7] Investor Behavior - New addresses on the Solana network have decreased, indicating a slowdown in onboarding momentum and reduced network expansion [2][3] - Holders are pulling back, with a notable shift from buying to selling pressure as evidenced by increased transfers of SOL to exchanges [8] - Approximately 1.4 million SOL, valued at around $117 million, entered exchanges in the last 48 hours, increasing available supply and potentially limiting upside momentum [9][10] Price Analysis - Solana's price remains range-bound between $89 resistance and $78 support, currently at $86, which is the midpoint of this channel [11] - A failure to hold the $78 support could lead to a decline towards $67, confirming a bearish structure [11] - If selling halts and inflows diminish, SOL could challenge the $89 resistance, with a potential breakout pushing the price towards $97 and possibly $105, indicating a structural recovery [12]