Solana holders are showing irregular behavior, with increasing outflow exchange flows and declining confidence across the markets.
Realized losses dominate, indicating a panic-driven exit while bearish momentum strengthens within the descending Solana channel.
The risk of Solana collapsing towards $123 unless buyers regain strength and challenge the resistance area at $146 again.
Solana is at a critical stage where its recent decline continues to confirm the channel pattern that has shaped its price movement over the past week.
The decline highlights the increasing uncertainty, with investors now playing a key role in determining whether SOL will continue to slide or find support for a reversal.
Solana investors remain pessimistic.
The change in net position on the exchange reflects conflicting signals from holders $SOL . Over the past week, SOL wallets have swung between accumulation and distribution, creating an unstable backdrop.
Notably, the last 48 hours have recorded dominance of green bars, indicating significant inflows from exchanges.
This inconsistent behavior reflects a state of uncertainty among holders rather than strong conviction. The repeated shifts between buying and selling reflect a market struggling to find direction.
With selling currently outpacing accumulation, the short-term outlook for Solana remains weak.
Net trading position of Solana. Source: Glassnode
This bearish sentiment enhances the realized profit/loss ratio. The indicator shows that losses dominate Solana as holders are selling at lower prices to avoid further declines. Panic-driven exits, even on a smaller scale, indicate a fading of confidence.
When losses dominate, prices tend to face additional downward pressure unless a shift in broader sentiment occurs. Currently, the overall situation suggests that investors are bracing for potential declines rather than preparing for accumulation.
Realized profit/loss of Solana. Source: Glassnode
SOL price needs to find direction.
The price of $SOL continues to trend within a downward channel after failing to surpass the resistance level of $146 earlier this week. This structure leaves two potential paths based on upcoming market signals and investor behavior.
If the channel remains as it is and negative sentiment persists, SOL risks dropping below the lower trend line. Such a breakdown could drag the price towards $123 and even $118 if selling pressure continues to increase.
Solana price analysis. Source: TradingView
Alternatively, a successful rebound from the channel support could ignite a recovery attempt. If $SOL regains strength and challenges the resistance level of $146 again, a breakout could push the price towards $151 and finally $157.
However, this scenario requires a renewed shift to bullish market conditions to invalidate the current bearish hypothesis.
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