Solana has extended its uptrend, bringing the altcoin close to the critical $250 mark. This psychological threshold is seen as a key level for SOL.
However, before reaching it, the crypto token appears to be facing skepticism from a significant group of holders.
Solana Crucial Holders Sell
Data from the HODLer net position change shows long-term holders have started selling their assets. These investors play an outsized role in influencing Solana’s trajectory, as their accumulation often supports recovery while their selling can trigger declines.
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At present, long-term holder selling is at a six-month high, reflecting waning confidence. This could pressure Solana’s price in the short term. This would prevent it from securing $250 and reducing momentum if the selling trend continues among these influential market participants.
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Solana HODLer Net Position Change. Source; Glassnode
On the broader front, Solana’s NUPL indicator suggests the cryptocurrency has yet to reach a saturation point. Historically, a climb toward the Belief-Denial threshold at 0.5 often marks a reversal, leading to extended corrections in the following weeks.
This leaves Solana with room for additional short-term gains before a major cooling-off period sets in.
Solana NUPL. Source; Glassnode
SOL Price Nears Critical Level
Currently, Solana trades at $235, sitting just 6% below the $250 milestone. Over the weekend, SOL attempted to reach this target but failed. However, it has managed to hold steady above the $232 support level.
If bullish momentum continues, Solana could rebound from $232 and test resistance at $242. A successful breach, particularly if long-term holders slow their selling. This could push SOL toward reclaiming $250 in the near term.
Solana Price Analysis. Source: TradingView
However, if selling pressure from long-term holders accelerates, Solana may struggle to defend $232 as support. This scenario could result in a correction toward $221, undermining bullish momentum and invalidating near-term upward projections.