Solana's SOL Token Sees Mixed Week Amid Long-Term Holder Selling

Solana's SOL token has experienced a mixed week, with long-term holders resuming their selling activities while new investors entered the market. According to data from Glassnode, long-term SOL holders (LTHs) resumed selling after a brief pause in accumulation, distributing 491 million SOL by June 28th. This selling pressure occurred near the $140-$150 price level, which has previously hindered SOL’s ability to break resistance successfully.

The selling activity by long-term holders coincided with a period of increased interest from new market participants. Glassnode recorded a jump in the creation of new SOL addresses on June 22nd, reaching 5.44 million, the highest number of new addresses created in almost two months. However, this surge was short-lived, as the count of new addresses decreased to 3.35 million by June 28th, aligning more closely with the baseline activity observed earlier in June.

Technical analysis suggests that Solana is trading within a bullish flag formation on the daily chart, showing signs of strength after breaking past the key $148 resistance. This breakout level now serves as the short-term trigger zone for continuation. If SOL holds above $150 with strong volume, the next technical targets lie at $160.20 and $168.70, with potential to revisit $175 in a breakout extension. Conversely, a drop below $145 would invalidate the pattern and expose price to downside targets at $134 and $127.50.

Fundamentally, the narrative around Solana has strengthened considerably. The U.S. SEC is nearing approval of a staked Solana ETF via REX-Osprey, a development that could dramatically increase institutional participation and bring fresh capital inflows to the ecosystem. Additionally, Robinhood has launched micro futures for SOL, adding exposure through regulated products and signaling growing derivatives demand. Solana is experiencing rapid on-chain activity, particularly in the NFT, DePIN, and memecoin segments, with PENGU and JTO having both surged recently, amplifying attention. The treasury firm Upexi has announced plans to tokenize public shares via Solana’s infrastructure, showcasing real-world asset integration.

Market sentiment across forums and trading communities is cautiously bullish, with traders watching for a confirmed breakout above $152.50–$155 to trigger broader upside momentum. Despite the recent upside, SOL is still down −9.63% over the past month and −21.27% over the last six months, reflecting a recovery in progress after a broader bearish phase. Price remains below the key moving averages: SMA50 at ~$154.84 and SMA200 at ~$168.79, indicating continued structural weakness unless a clean breakout occurs.