Solana Price Surpasses $150 Faces Challenge From Big Investor Selling

Solana's price has recently been trying to recover from the losses it experienced earlier this month. However, these efforts have been hindered by key holders choosing to sell, putting significant pressure on the price.

Despite this, new investors remain optimistic, hoping for a short-term price increase.

Solana Holders Are Selling

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

This indicates that LTHs have returned to selling, which could create downward price pressure.

Since LTHs control a large portion of the market supply, their selling activity significantly impacts Solana's price action.

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

On the other hand, Solana is experiencing a strong increase in the number of new addresses, indicating growing interest in this altcoin. This trend emphasizes that, despite volatility, new investors remain optimistic about Solana's potential.

The increase in new addresses shows that Solana is attracting attention, especially from those looking to capitalize on potential price gains.

The influx of new investors demonstrates continued strong belief in Solana's future. This optimism could play a crucial role in helping the cryptocurrency overcome recent volatility.

SOL Price Could Be Impacted

At the time of writing, Solana is trading at $146, up 5.6% in the past 24 hours. The altcoin is currently facing resistance at $150, an important barrier to overcome.

However, unless a stronger price increase signal appears, Solana may struggle to break through $150 before the start of the third quarter.

The altcoin could fluctuate around $144 or even drop to $136. This could lead to an accumulation phase as investors wait for clearer signals from the broader market.

On the other hand, if the broader market becomes optimistic, Solana's price could break through the $150 resistance.

A breakout above this price level, accompanied by converting $152 to support, would invalidate the bearish outlook and signal a strong upward movement for the altcoin.