Solana’s explosive summer run has given way to fatigue. After notching double-digit gains in August, the token has spent the past week drifting sideways, slipping slightly in the last 24 hours.
Analysts warn that the forces that powered its surge are fading, leaving SOL vulnerable.
Profit-Taking on Overdrive
The majority of wallets are still sitting on substantial gains, and that’s becoming a problem. With nearly nine out of ten holders in profit, selling pressure has intensified — a setup that historically caps rallies rather than fuels them.
Short-Term Players Exit
Investor behavior shows the same story: coins held for just weeks or a few months are being cashed out. Their share of supply has fallen steadily since mid-August, evidence that traders are locking in returns instead of holding for higher prices.
Inflows Dry Up
Meanwhile, fresh money isn’t replacing what’s leaving. Market flow data indicates that large buyers and institutions have largely stepped back. Prices may be testing higher levels, but without new demand, sellers face little resistance.
Where SOL Could Go Next
For bulls, $218 is the hurdle to clear — a breakout above it would challenge the bearish outlook. On the downside, supports cluster around $194, with additional cushions near $186 and $173. Unless buying appetite returns, the odds of a deeper pullback are rising.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/solana-bulls-lose-steam-with-sellers-in-control/