- Solana (SOL) is facing heavy selling pressure from long-term holders, triggering concerns about its price stability and future recovery.
- With resistance at $154 and a persistent Death Cross pattern, SOL risks further decline to $144 or lower unless a strong bullish breakout occurs.
Solana (SOL) is feeling the heat. After tumbling from $176 to $141 in just over a week, the high-performance blockchain platform is now wrestling with a two-month high in sell-offs—primarily from long-term holders (LTHs). Once known as the “diamond hands” of the Solana ecosystem, these patient investors are now offloading their assets, creating a fresh wave of uncertainty.
This sudden shift from accumulation to distribution is more than just a blip—it’s a potential red flag. LTHs are widely seen as the backbone of price stability, and their decision to sell signals a possible loss of confidence in SOL’s near-term prospects. This selling pressure has led to mounting concerns that Solana’s current recovery could be short-lived.
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Technically speaking, Solana is not in a comfortable spot. The 50-day and 200-day Exponential Moving Averages (EMAs) are flashing bearish signals. The ominous Death Cross pattern, which formed back in March, remains intact. A brief attempt in late May to flip this trend failed, further solidifying the bearish sentiment surrounding the altcoin.
As of now, SOL is trading near $152, with resistance looming at $154. A successful breakout above this level could trigger a rally to $161, potentially invalidating the Death Cross and restoring investor optimism. However, the path forward is steep. If SOL fails to break $154, it could slip to $144—its next critical support. And if that level crumbles, prices may sink further to $136.
In summary, Solana is at a pivotal juncture. Long-term holder capitulation, technical weaknesses, and resistance at $154 are all weighing heavily on the asset. Bulls need a breakout—and fast. Until then, caution remains the name of the game.
