The Solana price has been on a strong run this past month, gaining about 37%. But beneath the rally, warning signs are starting to show.
Key holder groups are quietly reducing supply, while chart signals hint that the move higher may not be as solid as it looks. Whether Solana pushes past resistance or slips into correction now hangs in the balance on a few critical levels.
Holders Take Profits While Hidden Selling Pressure Builds
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One way to track selling or holding behavior is through HODL Waves, which show how much of the supply is held by different age groups of wallets. If the percentage of coins held by a group falls, it usually means that the group is selling.
In Solana’s case, almost every key group has trimmed its holdings in the past month. The 1-3 month cohort dropped from 13.93% of supply on August 18 to 12.65% now. The 3-6 month group went from 12.92% to 12.03%. Even the long-term 1-2 year holders reduced from 22.51% to 21.20%.
The selling is not surprising after a 37% rally.
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But what is unusual is that NUPL, or Net Unrealized Profit and Loss, remains high. NUPL tracks how many wallets are sitting on paper profits. When it is high, it means many holders are still in profit and could take gains.
On September 12, when NUPL reached a three-month peak of 0.37, the
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Author: Ananda Banerjee
