Fri Nov 21 07:40:00 UTC 2025: Solana’s Price Rebound Faces Skepticism as Long-Term Holders Reduce Holdings
[City, Date] – Solana (SOL) is experiencing a modest 4.2% price increase today, but underlying data suggests the rally may be short-lived. While any rally is positive, a deeper dive into on-chain metrics reveals that long-term holders are reducing their exposure to SOL, casting doubt on the sustainability of the rebound.
Data from HODL Waves, which tracks the holdings of different age groups, shows that wallets holding SOL for 1-2 years have significantly trimmed their supply throughout November. This cohort’s holdings dropped from 19.28% of the total supply on October 20 to 17.24% by November 19. This decline is particularly noteworthy because this group usually remains stable during market corrections.
Technical indicators are also painting a cautious picture. The 100-day exponential moving average (EMA) is nearing a bearish cross below the 200-day EMA, a pattern often preceding further price declines. Additionally, the Cost-Basis Heatmap identifies substantial resistance between $140 and $142, where many wallets previously bought SOL. These holders are likely to sell when the price revisits these levels, creating downward pressure.
To confirm a genuine reversal, Solana needs a daily close above $143, which would break through the identified resistance clusters. Sustained trading above this level could pave the way for further gains toward $146 and $167, potentially easing the broader downtrend. However, failure to maintain above $143 could signal a fading rebound, with a drop below $128 potentially triggering a more substantial decline.
About the Author: Ananda Banerjee.
Edited by: Harsh Notariya.
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