Solana’s latest pullback may not be what it seems. Despite a brief Solana price cooldown (0.6% day-on-day), the network’s on-chain and chart structure suggest that the pause could simply be a reset before the next major leg up.

At around $234, Solana is still up nearly 12% in the past week and 16% over the month, showing that momentum hasn’t faded, only softened. With short-term selling pressure meeting steady accumulation, $224 could be the zone where the current correction finds its floor before pushing forth for a new all-time high.

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Short-Term Selling Meets Steady Holder Accumulation

Some profit booking has returned. Solana’s exchange net position change, which tracks the difference between coins entering and leaving centralized exchanges, flipped from –2.01 million SOL on October 3 to +1.82 million SOL on October 5.

A positive reading means more tokens are being sent to exchanges, usually a sign that traders are preparing to sell.

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But this pressure is being balanced by mid-term holder conviction. Data from Glassnode’s HODL Waves, which show how long coins stay unmoved, highlight renewed accumulation among short- and mid-term holders.

• 1-week to 1-month holders: up from 9.55% to 13.2% of supply
• 1-month to 3-month holders: up from 12.6% to 14.65%
• 3-month to 6-month holders: up from 11.82% to 12.29%

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