2.3 Million New Solana Addresses Vanish as Sell-Off Surpasses $100 Million

▲ Solana (SOL)

An exodus of new investors and large inflows to exchanges have been detected simultaneously in the Solana (SOL) market, heightening anxiety among holders hoping for a price rebound.

According to cryptocurrency media outlet BeInCrypto on February 15 (local time), the number of new addresses on the Solana network has dropped sharply by 23% in just four days, significantly weakening the momentum of new inflows. Earlier this year, amid active participation, new addresses had approached 10 million, but have now fallen to around 7.62 million, a decrease of roughly 2.3 million. This is interpreted as an indicator that potential buyers have turned cautious while waiting for clear signs of recovery, or that the network’s expansion momentum is being exhausted.

The shift in holder sentiment is also clearly reflected in data on fund movements to exchanges. Over the past 48 hours, approximately 1.4 million SOL worth about $117 million has flowed into major exchanges. An increase in exchange balances typically acts as a factor that heightens selling pressure during downturns, raising the likelihood that profit-taking will emerge at every rebound and limit price gains. If buying demand fails to sufficiently absorb this influx, the market is more likely to lean toward consolidation or further declines rather than recovery.

Price indicators also show Solana at a precarious inflection point. The token is currently trapped within a range between the $78 support level and the $89 resistance level. Despite a temporary daily gain of around 10%, a long-term trend reversal remains uncertain. If selling pressure persists without support from new demand, a breakdown below the $78 support level could extend losses to as low as $67, according to prevailing analysis.

Conversely, a potential market turnaround hinges on easing selling pressure and a breakout above resistance. If investors halt selling and exchange inflows decline, Solana could attempt to break above the $89 resistance level. Should it surpass $89 and successfully establish support around $97, it may invalidate the downtrend and enter a structural recovery phase targeting $105. For now, however, strong short-term profit-taking sentiment makes a continued test of resistance more likely than an immediate breakout.

Solana is passing through a critical test period to restore network confidence and revitalize new inflows. Rather than reacting to short-term price fluctuations, investors are closely monitoring whether on-chain data—such as trends in new address growth and changes in exchange balances—show meaningful improvement. A genuine exit from the bottom and trend reversal will likely require both the resolution of excess supply within the market and a recovery in real buying demand.

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