Solana’s meteoric rise above $200 has hit a speed bump. Currently hovering around $185, after a 6% daily dip, SOL is taking a breather. Think of it as a temporary pit stop, mirroring the current chill felt by its meme coin brethren. Is this just a cooldown before another lap, or a sign of a longer pause? Only time will tell.
Is this just the market catching its breath before soaring higher? Or is this the prelude to a deeper plunge? Blockchain whispers and critical chart lines suggest a fortress of support is forming just below, hinting that a powerful rebound could be imminent.
New Wallets Are Still Showing Up
Solana’s price might be wobbling, but newbies are diving in headfirst. Forget panicked selling – the latest HODL Waves data paints a picture of fresh blood. Check the “1 day to 1 week” wallet band; it’s spiking like a Solana summer surge. Translation: new buyers are scooping up SOL, betting on a rebound.
Both key short-term HODL bands have increased during the recent dip:
- 1-day to 1-week wallets jumped from 6.67% to 8.67%, a 30% increase
- 1-week to 1-month wallets rose from 8.73% to 9.3%, about a 6.5% increase
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Solana price and HODL waves: Glassnode
Solana’s price action is echoing a familiar tune. This recent surge in short-term wallet activity is a compelling refrain from May’s narrative, where a price dip preceded a notable upswing. Is history rhyming? The bulls seem to believe so, signaling that buyer confidence is quietly building even amidst a slight price cool-down. This pattern suggests that smart money anticipates another bullish reversal for Solana.
New Solana wallets are staking their claim, not fleeing the scene. This surge in fresh faces, braving the dip, hints at sunnier skies ahead.
HODL Waves: peering into the age of Bitcoin. They paint a picture of coin distribution, revealing how long investors are holding. Surging activity in younger wave bands signals an influx of fresh capital, a telltale sign of new blood joining the crypto ranks.
Support Cluster: $175 to $180 Zone Remains Intact
All eyes are on Solana as it dances on a critical precipice. Will it hold the line? The Cost Basis Heatmap reveals a battlefield between $175 and $180, a fiercely contested zone forged by heavy accumulation since April. Think of it as a dragon’s hoard: 38,964,258 SOL strong, fiercely guarded by those who staked their claim and won’t relinquish it easily. This isn’t just support; it’s a line in the sand.
Solana price and cost basis heatmap: Glassnode
However, the Bull Bear Power Index remains a bullish stronghold. Though the indicator has taken a breather, buyers are still flexing their muscles harder than sellers. This is a crucial signal – the recent dip hasn’t triggered a change of heart. Bulls might just have the strength to defend the price range barricaded on the heatmap.
Bulls still defending the Solana price: TradingView
Bulls, brace yourselves! $175 isn’t just a price floor, it’s a springboard. A dip to that level a mere 5.4% blip could be the catalyst for a sharp rebound, fueled by solid support. Watch closely: Unless this crucial range CRUMBLES, prepare for a V-shaped recovery.
Uncover crypto’s hidden battlegrounds: the Cost Basis Heatmap reveals price levels where tokens cluster, exposing potential support and resistance zones. Then, feel the pulse of the market with Bull-Bear Power – a gauge that shows whether bulls or bears are dominating the current trend. For a deeper dive, the Bull Bear Power Index quantifies the strength differential, pinpointing who’s truly commanding price momentum.
Solana Price Breaks Support But Doesn’t Look Weak, Yet!
Solana’s price is dancing a tense tango around the $187 mark, a critical Fibonacci retracement level. This point, the 0.236, is drawn from the cryptocurrency’s summer surge, climbing from a June low of $126 to a July peak of $206. While briefly dipping below this threshold, Solana appears determined to fight its way back above. Is this a temporary stumble or a sign of things to come?
Watch closely! The critical support level hovers around $184. A break below could trigger a rapid descent towards the stronger safety net at $175 a level reinforced by the origin of the cost basis cluster, potentially acting as a significant bounce-back point.
Solana price analysis: TradingView
The $175-$180 zone is now the battleground. A successful defense here keeps the bulls in control. Lose it, and prepare for a plunge – $166 is the next stop, and the descent could be swift.
Thanks for reading New Wallets Buy Solana While Price Slips—Is a Bounce Around the Corner?
