Solana Managing Sell-Off of 98K SOL – Why the Price Stays Steady

This article analyzes the recent sell-off of over 98,000 SOL by a long-term Solana holder. It discusses price behavior, market dynamics, and trader positioning, providing insights into why Solana's price remains stable within a defined range despite significant selling pressure.

Key Takeaways

A long-term Solana staker has gradually exited their position by unstaking 98,000 SOL, realizing a loss of over $6.6 million due to market conditions.
The price of Solana remains confined within a range of $120 to $150, indicating market balance rather than directional trend.
Buyers are actively defending the lower demand zone and the RSI indicates weakening momentum without signaling oversold conditions.
Although buyers dominate in absorbing some selling pressure, the price has not yet shown any upward expansion.
Long positions among top traders remain high, suggesting confidence despite ongoing consolidation.

Solana Faces 98K SOL Sell-Off

A long-term staker of Solana has begun a gradual exit from their position by unstaking over 98,000 SOL after holding for nearly two years. The tokens were initially withdrawn from Binance at nearly market highs before being staked. Currently, this exit occurs at much lower prices, resulting in a realized loss of more than $6.6 million. Instead of a one-time sale, the holder opts for a dollar-cost averaging (DCA) strategy, which allows for the supply to be released gradually. This method helps avoid sudden market reactions due to liquidation. However, it also introduces continual selling pressure.

Meanwhile, buyers remain active near important support levels, creating a significant interaction between long-term supply and short-term demand.

Solana's Price Trading in a Known Range

As of now, Solana's price [SOL] is trading within a well-defined range, with buyers consistently protecting the $120–$125 demand zone. Any downturns into this area quickly attract buying interest, preventing further decline. On the other hand, attempts to break above the $146–$150 zone—marked as the upper boundary of the consolidation area—continuously fail to gain traction, sending the price back toward the middle of the range. The $135 area has recently functioned as a pivot, alternating between support and resistance. As a result, volatility remains low, leading Solana to fluctuate between the $120 and $150 marks, indicating a state of balance rather than directional control.

Solana price action Source: TradingView

Market Momentum Shows Signs of Weakness

The daily RSI has softened, dropping from recent highs near the 70 mark to about 43.8 at present. This decline confirms diminishing upward pressure without suggesting oversold conditions. The RSI remains above the 30 threshold, indicating that sellers do not have the upper hand. However, it struggles to regain the 50 midline, which restricts bullish momentum during consolidation. Consequently, the current RSI trajectory reflects price compression instead of accelerating trends. This suggests that momentum is weakening but not necessarily pointing toward a breakdown, while buyers continue to step in before prices drop further.

Market Dynamics: Demand Absorbs Selling Pressure

Despite a noticeable sell-off from large holders, the Spot Taker CVD over the past 90 days indicates that buying pressure remains dominant. Active market buyers keep lifting offers during this exit, but despite their efforts, prices have not elevated significantly—pointing to an absorption dynamic rather than aggressive chasing behavior. This scenario shows that buyers are absorbing the supply without prompting noticeable breakouts. Although sustained buying indicates stability in price, it does not guarantee upward movement. Instead, this absorption process promotes range stability as excess supply clears.

Solana Spot Taker CVD Source: CryptoQuant

Long Position Maintenance Among Top Traders

Top trader positioning on Binance is significantly skewed towards long trades, even as Solana has yet to establish a clear uptrend. At the time of writing, an impressive 80.86% of top trader accounts maintain long positions, while only 19.14% are short. This substantial imbalance results in a Long/Short Ratio of 4.22, confirming that long positions vastly outweigh shorts. Nevertheless, the prevailing price behavior remains in consolidation rather than showing an upward breakout. The ratio has slightly decreased from recent highs above 4.4, indicating moderate adjustments rather than significant de-risking, showing that trader confidence remains intact despite the lack of upward movement.

Source: CoinGlass

To summarize, Solana reflects a market currently absorbing long-term distribution while still maintaining key structural support levels. Buyers are successfully defending essential price points, the RSI is avoiding breakdown conditions, demand from takers remains steady, and top traders are predominantly long. However, the market has yet to demonstrate upward price expansion. Until Solana can break out of its current consolidation range decisively, the market will stay balanced between conviction and the need for confirmation.

Final Thoughts