Solana's price has risen by about 4.2% today, but the overall trend remains weak. The token has fallen nearly 22% in the past month, and the latest on-chain data shows that long-term holders did not support this rebound.
The group holding Solana for 1-2 years has been reducing their holdings this month. HODL Waves tracks the amount of coins held by holders of different ages, helping to identify which holders are increasing or decreasing their positions. On October 20, the group holding Solana for 1-2 years held 19.28% of the tokens. By November 19, this figure had decreased to 17.24%.
For groups that usually remain stable during price adjustments, this is a significant decline. This indicates that long-term holders do not believe that the recent 4.2% rebound is a true trend reversal. Their reduction in holdings also occurred after a month of continued weakness in Solana's price, which helps explain why they have not started to increase their holdings again.
This behavior directly challenges the expectations of a price reversal for Solana. If long-term holders believe that the rebound indicates a true trend change, their holdings should stabilize or increase rather than decrease. Their cautious attitude is clearly related to the technical pressures currently facing Solana. The rebound only has true strength if SOL's closing price is above $143 for the day. Otherwise, the claim of a reversal remains weak, and long-term holders may continue to exercise caution. (BeinCrypto)
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Solana ecosystem app Believe founder indicted in New York over an alleged rug pull scam
Gate News update, April 14, Solana ecosystem application Believe founder Pasternak was indicted in a New York court for allegedly participating in a crypto rug pull scam. The case involves the Solana public chain ecosystem and is suspected to be related to losses of several million dollars. Pasternak, as the person in charge of the Believe project, is accused of using the project to carry out fraudulent acts, causing significant financial losses to investors. The case is currently under review, and relevant details have not yet been fully disclosed.
GateNews2h ago
FTX’s Alameda Moves $16 Million SOL in Ongoing Creditor Repayment
Alameda Research has transferred $16 million worth of Solana tokens linked to FTX creditor repayments, following a pattern of past transactions. Despite these moves, Alameda retains a significant holding of 3.5 million SOL, potentially impacting market liquidity.
Coinpedia8h ago
Squads Emergency Alert: Address poisoning and forged multisig accounts; a whitelist mechanism will go live
Solana ecosystem multi-signature agreement Squads issued a warning, pointing out that attackers launched an address poisoning attack against users by using fake accounts to trick users into making unauthorized transfers. Squads confirmed that there was no loss of funds and emphasized that this is a social engineering attack rather than a protocol vulnerability. To respond, Squads has implemented protective measures such as a warning system, non-interactive account prompts, and a whitelist mechanism. This incident reflects the growing social engineering threats in the Solana ecosystem and has prompted ongoing security reviews.
MarketWhisper8h ago
