"SOL's 40% Plunge: Mid-Sized Holders Sell, Whales Accumulate"

Solana (SOL) has been experiencing a significant sell-off, with its price dropping over 40% in the last 30 days and another 20% in the past week. This sharp correction follows the broader weakness in artificial intelligence tokens, and technical indicators point to continued bearish momentum. While mid-sized whales have been selling, larger holders are accumulating, creating uncertainty about whether a bottom is forming. The rising ADX confirms strong downside pressure, and EMA lines maintain a bearish structure, suggesting that SOL could face key support and resistance levels that could determine its next major move.

According to data from Santiment, the number of addresses holding between 100,000 and 1,000,000 SOL dropped from 404 to 389, while those holding 1,000,000 to 10,000,000 SOL increased from 166 to 180. This suggests that mid-sized holders are selling while larger SOL whales are accumulating, leading to a shift in the market. With SOL down 15% in the last 24 hours and nearly 50% in the past month, this pattern could indicate either a potential bottom or continued volatility.

SOL's ADX is currently at 49.4, nearly doubling from 24.8 in just two days. This sharp increase signals that the strength of the current trend is intensifying, reinforcing the ongoing market direction. Given that SOL is in a downtrend, the rising ADX suggests bearish momentum is getting stronger. Meanwhile, +DI has dropped from 14.5 to 5.7, while -DI has surged from 19.6 to 37.3, peaking at 48.1 earlier. This confirms that sellers are firmly in control, and unless +DI starts rising, SOL price could face further downside pressure.

SOL's EMA lines are in a bearish formation, with all short-term lines below the long-term ones. If the current downtrend remains strong, SOL could test support at $0.69, and a breakdown below that could lead to $0.59. If selling pressure persists, the price could drop below $0.50 for the first time since December 2023, threatening its position as one of