Solana’s (SOL) price is in a stalemate. Buyers and sellers remain in a battle of indecision. Data from the analytics platform Glassnode shows changes in investor behavior. This situation defines Solana’s key price levels, as the market awaits a breakout.
The analysis of on-chain metrics offers a detailed view. Glassnode’s “Hodler Net Position Change” remains negative. However, selling pressure has dropped 60% since early October. Long-term holder selling fell from 11.43 million SOL to 4.55 million SOL on October 23. They are significantly slowing their sales.
Concurrently, “HODL Waves” data shows mixed movements. Wallets holding 1 week to 1 month reduced their share, suggesting profit-taking. Nonetheless, the 1-month to 3-month group increased its share from 15.21% to 18.66%. This indicates new buyers are absorbing the sales and taking advantage of the dips.
This dynamic explains why SOL’s price has remained range-bound. The asset has not collapsed despite the selling. The slowdown by veteran sellers is crucial. Historically, this pattern is often observed near local market bottoms. The entry of mid-term buyers balances the scales. This balance reflects the market’s general indecision.
Which Technical Triangle Will Define SOL’s Next Big Move?
On the daily chart, the technical situation is clear. According to analysis from TradingView, Solana is trading inside a symmetrical triangle since mid-September. This classic technical formation represents indecision. The highs are lower, and the lows are higher.
The range is tightening, and a resolution seems near. A breakout above the $211 resistance would give buyers the advantage. Conversely, a drop below the $174 support would signal that sellers have regained control. The immediate levels to watch are the $197 resistance and the $188 support.
The battle between Solana’s buyers and sellers is at a critical point. On-chain and technical data align that the current indecision will not last long. Investors are watching to see if long-term holders completely stop their sales. The market awaits the breakout from Solana’s key price levels. This will define the direction of the asset’s digital economy in the short term.
