Solana Sees Whale Distribution Resumes Amidst Fleeting Retail Address Surge

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• Long-term Solana holders resumed selling, distributing 491 million SOL by June 28th after a brief pause in accumulation.
• This selling pressure occurred near the $140-$150 price level, hindering SOL’s ability to break resistance successfully.

Solana’s SOL token shows mixed signals this week. Long-term holders reduced their positions, while new investors entered the market. Technical analysis suggests potential recovery, but SOL requires a decisive price move upward to confirm a positive trend.

Data from Glassnode reveals a clear pattern among long-term SOL holders (LTHs). After briefly adding to their holdings around June 22nd, accumulating roughly 170 million SOL, these holders resumed selling. By June 28th, the Hodler Net Position Change metric indicated net outflows of 491 million SOL. This marks a return to a week-long pattern of distribution.

This selling activity occurred while SOL traded between approximately $140 and $150. The timing suggests these holders chose to sell as the price approached levels that have previously hindered further gains.

Contrasting the long-term holder activity, data points to increased interest from new market participants. Glassnode recorded a jump in the creation of new SOL addresses on June 22nd, reaching 5.44 million. This was the highest number of new addresses created in almost two months.

However, this surge did not hold. By June 28th, the count of new addresses had decreased to 3.35 million. This level aligns more closely with the baseline activity observed earlier in June.

Solana (SOL) is trading at $150.72 USDT, showing flat performance on the day (0.00%) after a sharp +11.25% weekly rally. Despite this recent upside, SOL is still down −9.63% over the past month and −21.27% over the last six months, reflecting a recovery in progress after a broader bearish phase.

Price remains below the key moving averages: SMA50 at ~$154.84 and SMA200 at ~$168.79, indicating continued structural weakness unless a clean breakout occurs.

Technically, Solana is trading within a bullish flag formation on the daily chart, showing signs of strength after breaking past the key $148 resistance. This breakout level now serves as the short-term trigger zone for continuation. 

If SOL holds above $150 with strong volume, the next technical targets lie at $160.20 and $168.70, with potential to revisit $175 in a breakout extension. Conversely, a drop below $145 would invalidate the pattern and expose price to downside targets at $134 and $127.50.

Fundamentally, the narrative around Solana has strengthened considerably:

1. The U.S. SEC is nearing approval of a staked Solana ETF via REX-Osprey, a development that could dramatically increase institutional participation and bring fresh capital inflows to the ecosystem.
   
2. Robinhood has launched micro futures for SOL, alongside XRP, adding exposure through regulated products and signaling growing derivatives demand.
   
3. Solana is experiencing rapid on-chain activity, particularly in the NFT, DePIN, and memecoin segments — PENGU and JTO have both surged recently, amplifying attention.
   
4. The treasury firm Upexi has announced plans to tokenize public shares via Solana’s infrastructure, showcasing real-world asset integration.
   

Market sentiment across forums and trading communities is cautiously bullish, with traders watching for a confirmed breakout above $152.50–$155 to trigger broader upside momentum.