Solana Price Could See a “Long” Winter If This “Squeeze” Risk Plays Out

Solana (SOL) price has struggled to hold momentum even as excitement around its ETF launch builds. The token is down 2.2% in the past 24 hours and roughly 1% over the month, hinting that traders remain cautious.

Despite being up more than 11% year-on-year, the short-term setup is getting tense, and the next 10% move could decide if the coin price heads for a long winter.

Hodlers And Mid-Term Holders Start To Cash Out

Solana’s price weakness is starting to show up on-chain. The hodler net position change, which measures whether long-term holders are adding or reducing holdings, has been negative for the past three days.

On October 25, the metric stood at –3.82 million SOL. By October 27, it had climbed slightly to –3.90 million SOL, indicating that more tokens are flowing out of long-term wallets.

Solana HODLers Still Cashing Out: Glassnode

While this isn’t as severe as the –4.86 million SOL reading on October 20, it still shows growing sell pressure from long-term investors who are likely taking profits or reducing exposure ahead of volatility.

The same pattern appears in Solana’s HODL waves. It is a metric that tracks what share of the total supply is held by which wallet cohort (time-based).

Mid-term holders (3–6 months) have reduced their share from 12.76% of total supply on September 28 to 11.39% as of October 27. That’s a 10.7% decline in their ownership share over one month. This shows that this group is gradually exiting while the market remains flat.