Solana (SOL) has recently reached a six-month high, but its rally is being met with significant selling pressure from influential investor groups.
According to data, over 2 million SOL tokens, valued at more than $432 million, have been deposited into exchanges over the past three days. This behavior suggests that holders are taking profits on the recent price surge rather than holding for further gains, which could strain the sustainability of the current uptrend.
This sentiment is further supported by the Coin Days Destroyed (CDD) indicator, which has spiked to its highest level in three months. A high CDD value indicates that long-term investors, who typically hold their coins for extended periods, are now moving their tokens to exchanges. The last time a similar spike in CDD occurred, it preceded a period of price weakness.
Despite the selling pressure, SOL's price is currently trading at $216, just below a key resistance level of $221. The Parabolic SAR indicator confirms that the altcoin remains in an active uptrend. If SOL can break above $221 and turn it into a support level, it could secure recent gains and continue its upward momentum. However, if the selling pressure proves too strong, the price could fall to support levels at $201, $189, or even $175, which would invalidate the current bullish outlook. The coming days will be a crucial test for Solana's ability to withstand this selling pressure.
August 2025, Cryptoniteuae