Solana Sees 491 Million SOL Outflows Amid Retail Interest Surge

Solana, a prominent blockchain platform, has recently witnessed significant outflows as long-term holders (LTHs) have been exiting their positions. Data from Glassnode indicates net outflows of 491 million SOL on June 28, extending a week-long selling streak. This trend suggests that key holders are cashing out, possibly due to selling pressure and the price hovering near resistance levels around $140–$150.

Despite the pullback, there are signs of rising retail interest in Solana’s future. On June 22, the number of new SOL addresses spiked to 5.44 million, the highest level recorded in nearly two months. This surge indicates that new entrants, particularly retail participants, are showing confidence in Solana’s long-term potential. However, this spike was not sustained, with the number dropping to 3.35 million by June 28. Nevertheless, the trend points to growing onboarding, which could form the next wave of believers to absorb ongoing sell pressure.

Technical indicators hint at a potential recovery for Solana. The Relative Strength Index (RSI) hovered around 51, indicating neutral momentum. Additionally, the Moving Average Convergence Divergence (MACD) crossed above the signal line, flipping bullish for the first time in days. The histogram bars turned green, reflecting growing upward momentum. However, volume remained muted, and price candles lacked conviction, suggesting that traders are hesitant to commit without a breakout above the recent high near $155.

The current situation presents a mixed outlook for Solana. While long-term holders are exiting, the influx of new wallets suggests rising retail interest. Technical indicators hint at a potential recovery, but a breakout above $155 is needed to confirm bullish momentum. If retail demand continues to drive SOL, it could potentially push the price above $155, but caution remains as traders await a clear signal of sustained upward momentum.