Solana’s price has been trending downward over the past five days, as weakening buying pressure leaves the popular altcoin vulnerable to further declines. 

On-chain data reveals that its long-term holders (LTHs) are increasingly liquidating their positions. At the same time, futures market data show a rise in demand for shorts, signaling fading bullish momentum.

Long-Term Holders Dump SOL, Shorts Rise

According to Glassnode, SOL’s Liveliness has trended upward since early August and is at a three-month high of 0.76 at press time, a bearish signal for price action.

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Liveliness tracks the movement of previously dormant tokens. It does this by measuring the ratio of an asset’s coin days destroyed to the total coin days accumulated. When it falls, LTHs are moving their assets off exchanges, often a bullish sign of accumulation.