Solana Sees New Buyers Despite Price Drop, SOL Rebound Ahead?

• Fresh wallet accumulation spikes 30% despite Solana’s correction to $185
• Cost basis data reveals strong support cluster between $175-$180 levels
• Bull Bear Power Index maintains buyer dominance through current pullback

Solana has retreated from its recent $200 peak, currently trading around $185 with a 6% daily decline. The correction mirrors cooling patterns seen across Solana-based meme tokens as the broader ecosystem enters a consolidation phase.

On-chain metrics paint a different picture than the price action suggests. New wallet creation and accumulation activity continue accelerating even as SOL faces selling pressure from profit-taking investors.

Fresh Capital Enters During Solana Price Weakness

HODL Waves data shows increasing participation from short-term holders during the current dip. Wallets holding SOL for one day to one week jumped from 6.67% to 8.67%, marking a 30% increase in fresh accumulation.

The one-week to one-month holding bracket also expanded from 8.73% to 9.3%, indicating sustained buying interest across multiple timeframes. This pattern echoes May’s price action when similar accumulation preceded a reversal.

Short-term wallet growth typically signals conviction among new entrants who view current prices as attractive entry points. The metric suggests buyers are stepping in rather than existing holders capitulating during the correction.

Technical Support Zone Shows Dense Accumulation

Cost Basis Heatmap analysis identifies a major support cluster between $175-$180, containing approximately 38.96 million Solana tokens. This zone represents one of the strongest accumulation areas since April, providing a foundation for potential price stabilization.

The concentration of wallets within this range creates natural buying interest as holders defend their cost basis. Historical patterns show such dense clusters often act as springboards for reversals when tested.

Bull Bear Power Index readings favor buyers despite the recent weakness. While the indicator has cooled from previous highs, bulls maintain control over the price direction, suggesting the correction hasn’t shifted underlying sentiment.

Secondary support sits at $184, with the critical $175 level aligning with both Fibonacci analysis and cost basis cluster data. This confluence creates a high-probability zone for reversal attempts.

A successful defense of the $175-$180 Solana range could preserve bullish structure and enable recovery toward previous highs. However, breakdown below $175 might trigger additional selling toward $166 and lower levels.