Introduction
Solana’s SOL briefly traded under the $130 mark, the first breach since early January, as a broad market pullback weighed on crypto assets. However, the swing in price is counterbalanced by on-chain signals that suggest a potential recovery is taking shape. Large holders have continued to accumulate on the back of recent dips, and the balance held on exchanges has shrunk, pointing to thinner near-term selling pressure.
Key Takeaways
- •SOL dips below $130 amid a marketwide pullback, but whales are loading up on the dip, signaling confidence in a rebound.
- •Exchange supply for SOL has fallen to two-year lows, indicating reduced sell pressure from holders.
- •On-chain activity is picking up, with demand for SOL supported by growing use of decentralized apps and staking services.
- •Long-term holder accumulation remains robust, with key Address cohorts expanding their SOL holdings and signaling optimism for future price moves.
Market Context
The SOL thesis aligns with a broader pattern of renewed on-chain activity and liquidity dynamics in altcoins during a risk-off environment, with liquidity flowing into ecosystems showing durable use cases.
SOL’s Accumulation Trend Strengthens
Whale activity has intensified as prices retreat, with investors using the late-2025 dip toward the $120 level as an opportunity to increase exposure. Glassnode data shows that addresses holding between 1,000 and 10,000 SOL have risen since late November 2025, collectively controlling roughly 48 million SOL — about 9% of the circulating supply. In parallel, addresses holding 100,000 SOL or more have grown to 362 million SOL, up from 347 million on November 17, 2025, representing roughly 64% of the total supply.
Beyond these gray-beard holders, broader on-chain metrics point to a longer-term accumulation phase. The Hodler net position change has been positive since the final weeks of December 2025, cresting at 3.85 million SOL on a recent Sunday as investors recommit to holding SOL in anticipation of higher prices. The last time such levels were reached was October 2024, a period that preceded a roughly 95% rally in SOL.
SOL Supply on Exchanges at Two-Year Lows
On-exchange SOL balances have continued to trend lower since late November 2025. By January 14, the balance stood at around 26.06 million SOL, a level not seen since January 2023, according to Glassnode. A shrinking exchange balance is interpreted as a sign that holders are less inclined to sell, which could help support upward price movements if demand remains intact.
Solana Network Activity Shows Signs of Recovery
On-chain metrics point to a more active and engaged ecosystem. Daily active addresses rose about 51% over the past week to exceed 5 million, signaling robust user engagement with Solana’s decentralized applications and staking services, per data from Nansen. Daily average transactions increased 20% in the same period, reaching roughly 78 million—a level not seen since mid-August 2025—highlighting Solana’s scalability and growing adoption.
Solana’s stablecoin supply has surged by more than 15% over the last seven days, reaching an all-time high near $15 billion, according to Token Terminal. This uptick in stablecoin liquidity signals renewed on-chain demand and influx of capital into Solana’s ecosystem, reinforcing the bullish case for SOL.
“In practical terms, more stablecoins on SOL means more capital available for trading, settlement, and application activity.”
Analysts note that the rising stablecoin footprint reflects growing liquidity entering the network, which can translate into higher on-chain activity, greater fees, and broader adoption. A recent Cointelegraph piece on the broader stablecoin market underscores how expanding liquidity could fuel a crypto rally, with Solana positioned to benefit as liquidity migrates into layer-1 ecosystems.
This combination of dwindling exchange supply, rising on-chain activity, and continued accumulation by holders paints a constructive picture for SOL in the near term, even as price volatility remains a feature of the current macro backdrop. The market is watching for sustained activity and capital inflows to confirm whether the current trend can mature into a more pronounced rally in the weeks ahead.