The current situation in the Solana market raises concerns among analysts, as declining buyer interest could lead to weakening prices.
Selling Pressure and Profit
The majority of SOL token holders are in profit, creating additional risks for the market. Nearly nine out of ten holders show positive margins, leading to intensified selling pressure. Historically, such conditions limit rallies and do not encourage further growth.
Short-Term Players Exiting
Investor behavior also confirms this trend: assets held for just a few weeks or months are being actively sold. The share of such tokens in the market has steadily decreased since mid-August, indicating a desire among traders to lock in profits rather than wait for further increases.
Future Prospects for SOL
From a bullish perspective, the $218 level is crucial, and breaking above it could shift the bearish outlook. Support for buyers is clustered around $194, with additional levels near $186 and $173. Without a resurgence in buyer interest, the potential for deeper price declines increases.
Considering the current market situation, Solana could face further challenges if buyer activity does not increase.
