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Core Viewpoint - Solana (SOL) has experienced an uptrend for over three months, but recent selling pressure from long-term holders has created uncertainty in its near-term direction [1][2]. Group 1: Market Sentiment - On-chain data indicates increasing bearishness among long-term holders (LTHs), as evidenced by a spike in Solana's Liveliness metric, suggesting that LTHs are offloading assets [2][3]. - The trend of LTH selling has persisted for the past month, reflecting caution among experienced investors and contributing to Solana's recent price dip [3]. - In contrast, short-term holders (STHs) are showing signs of maturity, with the supply controlled by one to three-month holders rising to 14.4%, indicating growing confidence among newer market participants [4][5]. Group 2: Price Action - Solana is currently trading at $209, maintaining above the $206 support level while testing its uptrend line, demonstrating investor commitment to bullish momentum despite recent selling pressure [6]. - A mildly bullish outlook suggests that if momentum continues, SOL could surpass resistance levels of $214 and $221, potentially reaching $232 in the coming weeks [7]. - However, if selling pressure from LTHs intensifies, Solana risks falling below $206, which would invalidate the bullish thesis and could lead to renewed bearish sentiment [8].

Altcoin

Long - term holders

Short - term holders