Solana price has recently made efforts to recover the losses it experienced earlier this month. However, these attempts have been stalled by crucial holders choosing to sell, putting significant pressure on the price. 

Despite this, new investors remain bullish, hoping for further upside in the near term.

Solana Holders Are Selling

Last week, Solana’s long-term holders (LTHs) shifted from selling to accumulation, offering hope for a price recovery. Unfortunately, this shift was short-lived, as the HODLer net position change has since dropped back below the zero line.

This indicates that LTHs are back to selling, which could exert downward pressure on the price.

Given that LTHs control a large portion of the market’s supply, their selling activity significantly influences Solana’s price action.

This selling trend could lead to further declines, especially if the momentum continues in the coming days.

On a more positive note,