Solana’s Strategic Accumulation Phase: Long-Term Holders Eye Breakout

Solana (SOL) is currently experiencing a period of price stagnation, which has turned into a strategic accumulation phase for long-term holders. According to Glassnode data, SOL's Liveliness metric has declined to a 30-day low of 0.764, indicating reduced sell pressure from veteran investors. This downward trend in the Liveliness indicator, which began after its peak on June 4, suggests growing conviction among SOL's most committed stakeholders. As dormant tokens remain untouched, the market is witnessing a consolidation phase that could precede a significant breakout. This article delves into the implications of this accumulation trend and what it means for Solana's future price trajectory.

Solana Long-Term Holders Accumulate Amid Sideways Trading, Eyeing Breakout

Solana's price stagnation has become a strategic accumulation phase for long-term holders. Glassnode data reveals a sustained decline in SOL's Liveliness metric, currently at a 30-day low of 0.764, signaling reduced sell pressure from veteran investors.

The Liveliness indicator's downward trajectory since its June 4 peak suggests growing conviction among SOL's most committed stakeholders. As dormant tokens remain untouched, the network's coin days accumulation continues unabated—a classic hallmark of bullish positioning during consolidation periods.

Net Unrealized Profit/Loss metrics corroborate this accumulation thesis, painting a technical backdrop ripe for potential upside. Market structure appears to be consolidating precisely where smart money builds positions, with patient capital betting on Solana's next leg higher when macro conditions improve.

Solana Faces Critical Support Test as Traders Brace for Potential Drop to $120

Solana's price action at $147 has triggered alarm among technical analysts, with one prominent chartist warning of a "very scary" descending broadening wedge pattern on the 12-hour timeframe. The digital asset now faces a decisive moment at the $141 support level—a breach could accelerate losses toward the $120-$125 zone.

Market participants remain deeply divided on SOL's trajectory. While some point to collapsing trading volumes (down 47% in 24 hours) as evidence of waning momentum, others maintain ambitious long-term targets between $169 and $420. The uncertainty has created a standoff, with aggregate short positions exceeding longs by $24 million amid $78.42 million in bearish bets.

This volatility drought reflects broader indecision across cryptocurrency markets. Traders appear reluctant to commit capital until SOL establishes clearer directional momentum, leaving the asset trapped in what one observer called "low-volatility purgatory."

Top 3 Crypto Airdrops for the Second Week of July

Backpack, a blockchain service project with $37 million in funding from notable investors like Delphi Ventures and Multicoin Capital, has launched Season 2 of its points farming initiative. Participants can earn airdrops by trading on the Solana-based exchange, excluding USDT/USDC pairs. The campaign runs until September 11, with rewards scaling by trading volume.

Jump crypto led the tier 2 fundraiser, joined by Robot Ventures, Amber Group, and Wintermute. Backpack Exchange's promotional push emphasizes trading activity, offering native tokens or ecosystem assets like Mad Lads NFTs as incentives. KYC verification is mandatory for participation.

LetsBonk Overtakes Pump.fun as Leading Meme Coin Launchpad

LetsBonk has surged past Pump.fun to claim the top spot among meme coin launchpads by both volume and revenue. The platform now commands a 55.30% market share, with a 24-hour trading volume reaching $539 million. This milestone underscores LetsBonk's strategic positioning within the solana ecosystem.

The launchpad facilitated 18,093 new meme coins in the past day alone, outpacing competitors. Standout projects like SAVOUR and WUKONG have demonstrated LetsBonk's ability to capitalize on niche trends, from culinary themes to cultural narratives. Fee revenue exceeded $1 million during the same period, signaling robust platform activity.