Solana (SOL) has been navigating choppy waters over recent weeks, struggling to mount a sustained recovery despite multiple attempts to overcome key resistance levels. While broader market conditions have weighed heavily on its price action, Solana investors continue to display remarkable resilience.
Investors Maintain Accumulation Stance
Despite the ongoing market uncertainty, data suggests that Solana holders remain committed to accumulation. Exchange net position changes indicate a consistent inflow pattern, with only one notable period of net selling recorded in the past three months. This persistent buying activity reflects a growing sentiment among investors that Solana’s long-term fundamentals remain intact.
The continued accumulation signals a shift in investor behavior, as many are choosing to hold rather than exit their positions during periods of price weakness. Such conviction suggests that investors anticipate a potential rebound once broader market dynamics turn favorable.
NVT Ratio Indicates Underlying Strength
A key metric supporting this optimistic outlook is Solana’s Network Value to Transactions (NVT) ratio, which has been trending lower. A declining NVT ratio typically suggests that the asset’s market value is increasingly supported by its underlying transaction activity, indicating a healthier balance between valuation and network usage.
This downward trajectory in the NVT ratio could pave the way for future price appreciation, signaling that Solana is not currently overvalued and may be poised for growth as transactional activity strengthens.
Critical Support Levels in Focus
At present, Solana’s price is stabilizing around $146, holding above the crucial $144 support zone. This level has proven significant in fending off sharper declines throughout June. The ability to maintain this support suggests that some bullish momentum remains intact, despite the prevailing market headwinds.
Looking ahead, a successful defense of the $144 support could propel SOL toward the next resistance level at $152, with a potential extension to $161 if bullish momentum gathers pace. Conversely, a breakdown below $144 could open the door for further downside, potentially driving the price down to $136 and invalidating the current bullish setup.
For now, Solana’s resilience amid the turbulence continues to highlight investor confidence, with accumulation trends and supportive on-chain metrics hinting at brighter days ahead—provided the broader market offers favorable conditions.
[…] Solana (SOL) is closing the week with relative stability, although short-term momentum has turned more bearish. SOL is trading around $139.58, down 2.9% in the past 24 hours but roughly 6.5% higher over the past week, according to CoinGecko data. […]