Solana’s October performance has swung sharply in recent years. In 2020, SOL dropped 46.7%, but by 2021 it gained 43.1%. October 2022 saw a small 1.65% decline, followed by a strong 80.1% rally in 2023 and a 10.6% increase in 2024.
With bearish pressure on the broader market dampening sentiment, there are concerns that SOL could close October 2025 in the red.
Whales Retreat, Long-Term Holders Sell—SOL Faces Bearish October
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SOL’s on-chain performance highlights growing weakness, which could push its price lower over the coming weeks. According to Glassnode, the coin’s Liveliness has soared to a year-to-date high of 0.78, reflecting the strengthening selloffs among SOL long-term holders.
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The Liveliness metric tracks the movement of long-held/dormant tokens by calculating the ratio of coin days destroyed to the total coin days accumulated. When it drops, it is a bullish trend, indicating that long-term holders are removing their assets from exchanges.
Converesly, a rising Liveliness suggests more dormant tokens are being moved or sold, signaling profit-taking by long-term holders.
This trend suggests that bullish conviction among seasoned SOL investors is weakening, setting the stage for further downside in the coming weeks.
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In derivatives markets, activity from large investors has also slowed. On-chain data shows their involvement in perpetual futures has declined, suggesting reduced confidence in SOL’s near-term
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Author: Abiodun Oladokun
