January 21 News, Solana (SOL) price fell below the $130 level this week, reaching a new low since early January. This trend is in sync with the overall correction in the crypto market. However, amid the weakening price, on-chain fund behavior has shown clear divergence, with SOL whales and long-term holders accelerating accumulation.
Data shows that wallets holding 1,000 to 10,000 SOL currently control about 48 million tokens, accounting for approximately 9% of the circulating supply. Meanwhile, larger holders are also expanding their positions, with addresses holding at least 100,000 SOL increasing their total holdings from 347 million in mid-November last year to 362 million, representing 64% of the total supply. This rising concentration is often seen as a vote of confidence from professional investors regarding Solana’s medium- to long-term prospects.
Long-term holders are also participating in this buying wave. In mid-January, their net increase reached 3.85 million SOL, the highest in 15 months. The last time a similar accumulation occurred was in October 2024, after which SOL’s price nearly doubled.
From an on-chain supply and demand perspective, selling pressure is easing. On January 19, the tradable balance of SOL in circulation decreased by about 5 million, down to approximately 26 million, the lowest since 2023. This indicates spot holders are more inclined to transfer tokens out rather than sell.
The recent decline was directly driven by volatility in the derivatives market. Over the past 24 hours, long positions were closed for nearly $60 million, while short positions amounted to only about $1 million, with a ratio close to 42:1. Open interest also declined, and trading volume increased, suggesting the downward price movement mainly resulted from forced deleveraging rather than systemic selling.
Meanwhile, the Solana network’s fundamentals remain active. Daily active addresses increased by over 50% in a week, surpassing 5 million; daily transaction count rose to about 78 million. The supply of stablecoins also reached a record high of $15 billion, reflecting continuous inflow of new funds into the ecosystem.
From a technical perspective, the short-term RSI has fallen into an extreme oversold zone, with the trend line near $130 becoming a key support for SOL’s price. If this support holds, combined with ongoing whale buying, market expectations for a short-term rebound are heating up.
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