Solana (SOL) is struggling to trade near the key $166 level, facing increasing and notable selling pressure as it attempts to break past $170. Recent data from the on-chain analytics platform Santiment indicates that short-term holders are actively capitalizing on their recent gains. This situation, marked by specific profit-taking, keeps the Solana price threatened by holders looking to secure profits.
Santiment’s main analysis focuses on the 30-day MVRV (Market Value to Realized Value) indicator. This key metric measures the average profit or loss of investors who purchased SOL in the last month. Currently, this ratio stands at 10.4%. Although this sounds positive, Solana’s historical data shows a clear pattern.
Historically, an MVRV between 10% and 11% has been a “danger zone” for SOL’s price. It suggests that short-term investors are, on average, sitting on double-digit gains. Therefore, many of them choose to sell at this exact level to realize those profits. This selling pressure creates a resistance “ceiling” that halts upward momentum. Every time the price attempts to break past $170, it is met with this market supply.
This profit-taking is not an isolated event or simple guesswork. The MVRV has acted as a precise resistance indicator in multiple previous price cycles for Solana. When the indicator reaches this specific threshold, the supply of SOL in the market increases notably. This inevitably slows the bullish momentum the asset was trying to build in recent days. The relevance of this data lies in the pattern’s reliability. It warns traders and investors of a temporary ceiling that seems difficult to break without a new catalyst.
Are Long-Term Investors Joining the Sell-off?
The current situation is further complicated when looking at other on-chain indicators. The “Mean Coin Age” (MCA) metric has shown a clear downward trend over the last few sessions. This means that older coins are beginning to move from their dormant wallets. Usually, this behavior indicates that long-term holders (LTH), who had held their positions, are also distributing their assets or at least preparing to do so.
Simultaneously, the whale transaction count (trades over $100,000) has skyrocketed. This demonstrates high activity and volatility from major market players. However, these transactions are mixed; they indicate both large buys and large sells. This scenario paints a picture of indecision in the crypto economy market. While short-term traders sell, key support remains around the $160 to $163 zone.
Solana finds itself at a technical and fundamental crossroads. The pressure from short-term holders near the critical 10% MVRV level is the most immediate obstacle. For SOL’s price to successfully break the psychological and technical barrier of $170, it will need to absorb this significant wave of selling. Investors are closely watching whether the $160 support can hold firm. The ultimate behavior of whales in the coming days will be decisive in defining the asset’s short-term direction.
