Analysts warn that the forces that powered its surge are fading, leaving SOL vulnerable.
The majority of wallets are still sitting on substantial gains, and that’s becoming a problem. With nearly nine out of ten holders in profit, selling pressure has intensified — a setup that historically caps rallies rather than fuels them.
Investor behavior shows the same story: coins held for just weeks or a few months are being cashed out. Their share of supply has fallen steadily since mid-August, evidence that traders are locking in returns instead of holding for higher prices.
Meanwhile, fresh money isn’t replacing what’s leaving. Market flow data indicates that large buyers and institutions have largely stepped back. Prices may be testing higher levels, but without new demand, sellers face little resistance.
For bulls, $218 is the hurdle to clear — a breakout above it would challenge the bearish outlook. On the downside, supports cluster around $194, with additional cushions near $186 and $173. Unless buying appetite returns, the odds of a deeper pullback are rising.
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