📍$SOL adjustment – but large holders are accumulating

📌 Solana dropped to ~$166 in the past week, but on-chain data shows that long-term holders (LTH) are still continuously accumulating.

LTH has increased by ~1 million SOL since the beginning of July – a sign that the smart money group is not panicking with this adjustment.

📌 The ratio of SOL held off exchanges is also gradually increasing, indicating that selling pressure is not coming from internal supply, but mainly due to the overall market adjustment or short-term traders withdrawing.

📌 The price of SOL is testing the technical support zone around $160–$165. If buying pressure from LTH continues, this could be a “local recovery” zone in the short term – especially as the funding rate has eased and Open Interest is more stable.

📌 The price is adjusting but the cash flow structure remains strong. This sell-off is not like a panic sell but is more of a cleansing of leverage and shaking out inexperienced traders. If BTC holds above $60K, SOL could very well bounce back soon.