Solana Dips Below $130 As Whales Accumulate Amid Onchain Recovery

Solana (SOL) fell below $130 for the first time since early January, suggesting a temporary market pullback for the top-10 cryptocurrency. Despite the decline, onchain data points to a strong accumulation trend among major holders, potentially setting the stage for a renewed rally. Whales Load Up On SOL Large SOL holders, often called whales, have taken advantage of the recent pullback to increase their positions. Glassnode data shows addresses holding 1,000 to 10,000 SOL surged since late November 2025, now controlling roughly 48 million SOL, or 9% of the circulating supply. Addresses holding at least 100,000 tokens increased their holdings from 347 million to 362 million tokens, representing 64% of total supply. Long-term holders (LTHs) have also returned to buying, with the net position change reaching a 15-month high of 3.85 million SOL over the weekend. Historically, similar LTH accumulation patterns preceded significant price rallies, such as the 95% SOL surge following October 2024. Exchange Supply Hits Two-Year Lows The SOL balance on exchanges has dropped to 26 million tokens, the lowest since January 2023. A declining supply on exchanges typically signals reduced sell pressure, suggesting holders are preparing for potential price appreciation. This dynamic strengthens the argument that SOL may see upward momentum as the market digests the current pullback. Network Activity Shows Recovery Solana’s network activity has rebounded sharply, supporting its potential for a strong rally. Daily active addresses jumped 51% over the past week, surpassing 5 million, a six-month high, according to Nansen data. Daily transactions rose by 20% to 78 million, levels last observed in mid-August 2025, reflecting increased ecosystem engagement. Stablecoin supply on Solana has also climbed 15% in a week, reaching an all-time high of $15 billion. Analyst Milk Road highlighted, “More stablecoins on $SOL means more capital available for trading, settlement, and application activity.” Rising stablecoin supply signals stronger onchain demand, enhanced network utility, and growing adoption, reinforcing a bullish outlook for SOL.

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