Solana (SOL) price dropped below $130 for the first time since Jan. 2 as onchain data suggested that a strong recovery could be in the cards for the top-10 altcoin.
Key takeaways:
SOL dips below $130 amid marketwide pullback, but whales remain confident as they load up more tokens.
SOL exchange supply falls to two-year lows, signaling a reduction in sell pressure.
Recovery in network activity is boosting onchain demand for SOL.
SOL’s accumulation trend strengthens
SOL whales remain confident about the prospects of a further rally, using the pullback to $120 seen at the end of 2025 to accumulate more tokens.
Data from Glassnode shows that whale addresses holding 1,000 to 10,000 tokens have increased sharply since late November 2025, as shown in the chart below. These entities now hold about 48 million SOL, or about 9% of the total circulating supply.
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Addresses with at least 100,000 tokens now hold 362 million tokens, up from 347 million tokens on Nov. 17, 2025, representing 64% of the total supply.
Other data also suggests that the market has been in an accumulation phase as long-term holders (LTHs) buying pressure increased.
The hodler net position change has been positive since the final week of December 2025, rising to a 15-month high of 3.85 million SOL on Sunday. In other words, holders have returned to accumulating SOL in anticipation of further price increases.
The last time LTH accumulation reached such levels was in October 2024, which preceded a 95% SOL price rally.
SOL supply on exchanges at two-year lows
There is a substantial decrease in the SOL supply on exchanges since late November 2025, as evidenced by data from Glassnode. The chart below shows that the SOL balance on exchanges dropped by 5 million to 26,058,693 on Wednesday, levels last seen on Jan. 12, 2023.
A reducing balance on exchanges suggests a lack of intention to sell by holders, reinforcing the upside potential.
Solana network activity shows signs of recovery
Strong onchain metrics, indicative of an active ecosystem, support SOL’s potential to stage a parabolic rally over the next few weeks.
Daily active addresses have increased by 51% over the last seven days to a six-month high above 5 million this week, according to data from Nansen. This reflects robust user engagement and demand for Solana’s decentralized applications and staking services.
Daily average transactions climbed by 20% over the same period to 78 million on Tuesday, levels last seen in mid-August 2025. This underscores the network’s scalability and growing adoption.
Solana’s stablecoin supply has skyrocketed over 15% in the last seven days, surging to an all-time high of $15 billion, according to data from Token Terminal.
This indicates potential shifts in crypto liquidity dynamics, reinforcing Solana’s ecosystem stability and attracting investor focus.
The surge in Solana’s stablecoin supply “represents new liquidity entering the network,” analyst Milk Road said in a recent post on X, adding:
“In practical terms, more stablecoins on $SOL means more capital available for trading, settlement, and application activity.”
Increasing stablecoin supply signals surging onchain demand, boosting network utility, fees and adoption, which supports the bullish case for SOL price.
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