Solana Long-Term Holders Increase Accumulation Amid Price Drop, Potential Local Bottom Signals Emerging
Main Idea
Solana's long-term holders are increasing their SOL token accumulation despite recent price drops, signaling strong confidence and a potential market bottom.
Key Points
1. Long-term holders increased their net position by 102% since late July, indicating strong confidence in SOL's value at current levels.
2. The Realized Profit/Loss Ratio for SOL reached a 30-day low of 0.15 on August 2, showing recent sellers mostly exited at a loss.
3. Solana's RSI stands at 41.65, approaching oversold territory, which often precedes price stabilization.
4. Technical analysis shows SOL struggling below $165, but flattening OBV suggests downward momentum may be waning.
5. The accumulation by long-term holders and key technical indicators suggest SOL may be close to a local bottom.
Description
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