Solana (SOL) price fell below $130 for the primary time since January 2 as on-chain data suggested a powerful recovery could possibly be on the horizon for the highest 10 altcoin.
Key Takeaways:
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SOL falls below $130 as a consequence of market-wide decline, but whales remain confident as they load up on more tokens.
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Supply on the SOL exchange falls to its lowest level in two years, signaling a decline in selling pressure.
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The recovery in network activity increases on-chain demand for SOL.
SOL’s accumulation trend is strengthening
SOL whales remain confident concerning the prospects of further recovery and are making the most of the decline to $120 in late 2025 to build up more tokens.
Data from Glassnode shows that whale addresses holding between 1,000 and 10,000 tokens have increased significantly for the reason that end of November 2025, as shown within the chart below. These firms currently hold about 48 million SOL, about 9% of the full circulating supply.
Addresses with no less than 100,000 tokens now hold 362 million tokens, up from 347 million tokens on November 17, 2025, representing 64% of the full supply.
SOL: Number of whale addresses with 1,000 to 100,000 tokens. Source: Glassnode
Other data also suggests that the market was in an accumulation phase as buying pressure from long-term holders (LTHs) increased.
Hodler net position change has been positive for the reason that last week of December 2025 and rose to a 15-month high of three.85 million SOL on Sunday. In other words, holders have returned to accumulating SOL in anticipation of further price increases.
SOL LTH Net position change. Source: Glassnode
The last time LTH accumulation reached such levels was in October 2024, which preceded a 95% SOL price rally.
SOL supply on exchanges at two-year low
As data from Glassnode shows, there was a major decline in SOL supply on exchanges for the reason that end of November 2025. The chart below shows that the SOL balance on exchanges fell by 5 million to 26,058,693 on January 14th, a level last seen on January twelfth, 2023.
SOL reserve on exchanges. Source: Glassnode
A declining stock market balance indicates a scarcity of intention on the a part of holders to sell, reinforcing the upside potential.
Solana network activity is showing signs of recovery
Strong on-chain metrics indicating an lively ecosystem support SOL’s potential to stage a parabolic rally over the subsequent few weeks.
Daily lively addresses have increased 51% over the past seven days to a six-month high of over 5 million, in accordance with data from Nansen. This reflects strong user engagement and demand for Solana’s decentralized applications and staking services.
Average each day transactions rose 20% over the identical period to 78 million on Tuesday, a level last seen in mid-August 2025. This highlights the scalability and growing adoption of the network.
Daily lively Ethereum addresses and transaction count. Source: Nansen
Meanwhile, Solana's stablecoin supply has surged over 15% previously seven days, reaching an all-time high of $15 billion, in accordance with data from Token Terminal.
This indicates possible shifts in crypto liquidity dynamics that can strengthen the steadiness of the Solana ecosystem and attract investor focus.
Solana: stablecoin offering. Source: Token Terminal
The increase in Solana’s stablecoin supply “represents the entry of latest liquidity into the network,” analyst Milk Road said in a recent post on X, adding
“In practice, more stablecoins on $SOL means more capital available for trading, settlement and application activities.”
Increasing stablecoin supply signals a rise in on-chain demand and increases network utility, fees and adoption, supporting the bullish case for SOL price.
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