Since early June, #solana (SOL) has been trading within a narrow range, with price action constrained between resistance at $158.80 and support at $141.97. Despite this extended period of consolidation, data suggests that long-term investors are using the opportunity to increase their positions.
š Long-Term Holders Accumulate Quietly
On-chain data indicates that long-term holders (LTH) are steadily accumulating SOL during this range-bound phase. The lack of sharp movement may appear unremarkable to some, but to seasoned investors, it's often a signal of accumulation before a potential breakout.
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š Declining āLivelinessā Reflects Strengthening Conviction
Data from Glassnode shows a consistent decline in Solanaās ālivelinessā metric since it peaked on June 4. Liveliness measures the movement of previously dormant tokens ā a lower value suggests reduced token movement and increased holding behavior.
Key observations:
Tokens are remaining dormant, indicating long-term commitment.
Investors are withdrawing assets from exchanges, favoring secure, long-term storage solutions.
Selling pressure is low, reflecting confidence in Solana's future trajectory.
Conclusion: This drop in liveliness aligns with a broader sentiment of patience and long-term conviction among holders.
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š Net Unrealized Profit/Loss (NUPL) Indicates Optimism with Caution
Solanaās Net Unrealized Profit/Loss (NUPL) currently stands at 0.108, placing it firmly in the āhopeā zone. This suggests that while investors are modestly in profit, there is little urgency to sell ā often an early signal of a potential upward trend.
Highlights:
Investors remain optimistic, but not excessively bullish.
Fear is limited, and most participants are opting to hold rather than exit.
Historically, this stage often precedes the initial phase of a bullish rally.
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š® Price Outlook: A Pivotal Moment Approaches
As of this writing, $SOL is trading near $148. If buyers can push the price above the $158.80 resistance, the next potential target is $170, supported by ongoing accumulation and improving sentiment.
However, caution remains warranted:
A break below $141.97 could open the door to further downside, potentially revisiting $123.49.
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š Summary: A Period of Calm ā For Now
Solana is currently in a consolidation phase, typically a prelude to significant directional movement. Key metrics like liveliness and NUPL support the notion that long-term confidence is growing, even as short-term price action remains subdued.
If this sentiment continues to build and is met with renewed momentum, a bullish breakout could materialize. Conversely, failure to hold support levels may trigger short-term sell-offs.
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