Gate News, March 23 — After weeks of sustained pressure, Solana (SOL) has experienced a structural change. Currently, SOL is trading at approximately $87.29, down 0.31% intraday, but on-chain data indicates that market selling behavior is beginning to shift.
Glassnode data shows that since February 17, Solana holders have been in a long-term loss position and continuously selling, with only a brief rebound to around $97 from March 15 to 17, during which small profits were realized. Afterwards, losses have expanded again, with recent daily realized losses maintaining between $30 million and $50 million, reflecting persistent selling pressure. To alleviate this situation, SOL needs to regain the cost-intensive zone around $92.19.
However, there are clear signs of a reversal in exchange fund flows. From mid-February to early March, large amounts of SOL flowed into exchanges, with daily inflows approaching 2.75 million tokens, creating significant selling pressure. Since March 17, the trend has rapidly reversed, with daily outflows reaching about 700,000 tokens, indicating holders are more inclined to withdraw rather than sell. This contraction in supply is often seen as a potential bullish signal, but it has not yet translated into price movement.
From a technical perspective, SOL has broken below a key support zone of $88.02 to $88.54 and briefly traded below the trendline. This area was originally supported by an upward trendline and EMA lines, but has now turned into a short-term resistance level. A daily close below $88.02 could lead to further testing of $81.60, with an estimated retracement of about 6.5%.
On the upside, $92.19 remains a short-term key level separating bulls and bears. If the price can break above this level again, combined with ongoing fund outflows, market sentiment may gradually improve. Currently, SOL is in a critical window where supply and demand dynamics are improving, but the price has yet to confirm a reversal, and further validation is needed.
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