Solana holders capitulate as price hovers near $80

Solana trades near $80 as the token extends a three-week downtrend amid weak investor demand and bearish macro conditions. Long-term holder conviction is waning, adding pressure to the price that sits just above the $79 support level. On-chain data show supply in profit has fallen to about 15%, the lowest level since November 2022.

While low profitability can sometimes reduce selling because fewer holders are in the money, this cycle looks different: a recent spike in Liveliness indicates previously dormant wallets are moving and distributing rather than accumulating. Signs of capitulation appeared at the end of January when long-term holder NUPL dipped below zero and holders capitulated on January 24.

Liveliness rose roughly a week later, suggesting some waited for a rebound but ultimately sold as the price slid. Continued selling could push SOL below $79 and toward $70, near the 1.786 Fibonacci extension.

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