• Long-term holders are exiting, but new wallets suggest rising retail interest in Solana’s future.
• Technical indicators hint at recovery, but SOL needs a breakout to confirm bullish momentum.

Solana’s [SOL] rally lost its momentum, with key holders cashing out as selling pressure mounts.

But despite the pullback, fresh entrants are stepping in, showing confidence in Solana’s long-term promise even as short-term momentum fades.

Whales pull the plug again

After a brief return to accumulation on the 22nd of June, Solana’s LTHs have resumed heavy distribution.

According to Glassnode, the Hodler Net Position Change flipped back to red with net outflows of -491 million SOL on the 28th of June, extending a week-long selling streak.

Before this, minor inflows of around 170 million SOL were recorded on the 22nd of June, offering brief hope that accumulation might return.

However, the tides turned yet again.

The return to negative flows reflected renewed distribution pressure as the price hovered near resistance.

The black line on the same chart indicated price held around $140–$150 while these moves occurred, highlighting how selling capped bullish breakouts.

Fresh demand steps in but…

While legacy holders trimmed exposure, fresh entrants rushed in.

According to Glassnode, the number of New SOL Addresses spiked to 5.44 million on the 22nd, the highest level record

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Author: Samyukhtha L KM