Solana price has moved sideways in recent sessions, showing consolidation rather than a decisive recovery. Despite this bounce, investor behavior suggests that confidence remains limited across the crypto market.
The last 10 days have reflected relative stability within a defined trading range. However, stability has not translated into renewed accumulation.
New Solana investors were the first to reduce activity. Addresses that complete their first transaction on the network are classified as new addresses. Earlier this year, Solana recorded nearly 10 million new addresses at its peak engagement.
Over the past four days, that number has decreased 23% to 7.62 million. The contraction indicates a slowdown in the incorporation momentum. Slowing network expansion often reflects doubts among potential buyers waiting for clearer signs of recovery.
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This pullback indicates that holders are awaiting stronger bullish confirmation before aggressively returning. Many seem unwilling to pursue short-term demonstrations. Until consistent price appreciation emerges, addition growth may remain modest.
The data on the change in net position on the stock markets highlights a shift from buying to selling pressure. The green bars represent entries to the exchanges, which usually indicate the intention to sell during bearish phases. Recent readings show an increase in SOL transfers to trading platforms.
Approximately 1.4 million SOL entered exchanges in the last 48 hours, worth around $117 million. These entries increase the supply available on the exchanges. High balances may limit bullish momentum if buyers fail to absorb the distribution.
If SOL price continues to rise, short-term holders may intensify profit-taking. That behavior often limits rallies in markets within a limited range. Sustained inflows would reinforce consolidation rather than support a sustained breakout.
Solana price remains range-bound between the resistance at $89 and the support at $78. The current level of $86 places SOL near the midpoint of this channel. While the 10% daily gain improves sentiment, the broader recovery remains uncertain.
Given the slowing growth of new addresses and increasing foreign exchange inflows, the downside risk remains. If $78 is not held, SOL could rise to $67. Such a move would confirm the continuation of the prevailing bearish structure.
If investors stop selling and inflows decline, SOL could challenge the $89 resistance. A break above that level can push the price towards $97. Sustained strength above $97 could target $105, invalidating the bearish thesis and signaling a structural recovery.
Read original story New Solana holders fall by 2.3 million, will it affect the price recovery? by Aaryamann Shrivastava at beincrypto.com