Solana Price has demonstrated an unexpected resilience amid recent market turbulence, captivating investors and analysts alike. While many large-cap cryptocurrencies wavered, Solana showed remarkable stability, even as others stumbled significantly.
In the past day alone, Solana price dipped a modest 1.8%, a stark contrast to larger declines seen in BNB, XRP, and Dogecoin. This stability has emboldened Solana holders, who are now eyeing potential gains that could propel the token beyond current levels.
Solana Holders Exhibit Renewed Confidence
Both long-term and short-term investors have been strategically accumulating Solana, showcasing their confidence in its sustained recovery and long-term potential. On-chain data reveals that the Holder Net Position Change—a metric indicating the buying and selling patterns of long-term investors—has improved considerably.
Between October 3 and October 14, long-term holders reduced their net selling from approximately 11.4 million SOL to 6.1 million SOL, marking a significant 46% decrease. This trend persisted even during the “Black Friday” crash on October 10, indicating reduced selling pressure even as prices softened.
Short-term holders are also displaying clear accumulation behavior, as evidenced by the HODL Waves indicator. This tool tracks the holding durations of different wallets, offering insights into accumulation or distribution trends. The 1-week to 1-month cohort has increased its holdings from 11.1% to 12.65% over the past month, and the 1-month to 3-month group saw a sharp rise from 12.74% to 16.83%.
Solana Price and the Ascending Channel Pattern
From a technical analysis perspective, Solana has been navigating a broad ascending channel since June 22. Each significant swing has adhered to this structure, with the latest movement between June and September yielding a 100% gain.
Current resistance levels are positioned at $227 and $250. A breakout above $287 would confirm a departure from the channel, potentially propelling Solana price towards Fibonacci extension projections of $346, $453, $540, and even $599, contingent on sustained momentum.
This aligns with the 100%+ zone projection, specifically targeting a Solana price of $551. Strong support is evident around the $190 region, where buyers have consistently intervened. Retaining this range keeps the overall structure bullish, although a dip below $190 could result in new lows for Solana.
As Solana price continues to captivate with its resilient patterns, holders and traders alike remain optimistic about the token’s future trajectory.
