Solana has struggled to recover after the recent price drop, with SOL remaining stuck below the resistance of $130. The altcoin has shown attempts at stabilization, but the momentum remains fragile.

Unlike previous rallies driven by new inflows, the next move seems to depend on the current holders of Solana rather than new market entrants.

Some Solana holders show resilience.

On-chain data shows early signs of stabilization. The Chaikin Money Flow has recorded a strong recovery in recent days. Although the indicator remains below zero, the upward movement suggests that capital outflows are slowing down.

This change is crucial for Solana's recovery outlook. A decrease in outflows often precedes a transition to inflows. Once buying pressure surpasses selling pressure, the price of SOL could react quickly. A steady improvement in CMF would indicate a return of confidence among current holders.

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Macro indicators present a more cautious picture. The number of new Solana addresses has sharply decreased in recent sessions. New addresses have dropped from 6,077,000 to 5,390,000, marking an 11.3% decline over ten days.

The decrease in network participation suggests less speculative interest. New investors seem hesitant, citing few short-term incentives. This lack of fresh demand places even greater importance on current holders to support price stability and any recovery attempts.

Solana is trading near $126 at the time of writing, remaining below the $130 resistance. The price movement shows consolidation rather than a breakout of current levels. The immediate goal for SOL is to reclaim the $130 mark, which would indicate a change in short-term momentum.

Decreasing outflows increase the likelihood of a bounce. If current holders maintain accumulation and inflows occur, buying pressure could push SOL towards $130. A sustained move above this level would require constant support and not just minor speculative spikes.

Downside risks remain if sentiment were to worsen. A new wave of selling could push Solana below the $123 support. A break of this level could expose $118 as the next downside target. Losing this support would invalidate the bullish outlook and reinforce short-term weakness.