Solana Rebounds 15% but On-Chain Data Questions Recovery
Solana’s price staged a sharp rebound after a steep decline. After breaking the lower trendline of a descending channel on February 4, SOL plunged almost 30% to around $67 and has since bounced more than 15% back toward the $78 area, still well below the key $93 resistance.
On-chain metrics suggest the bounce is being driven mainly by short-term speculation. The one-day to one-week holder cohort rose from 4.49% to 6.08% between February 4 and February 6, a sharp increase in short-term participation that has historically proved unreliable.
A similar pattern in late January saw short-term holders shrink their share from about 5.26% to 4.38% as price fell from roughly $127 to $105, a decline near 17%. Longer-term conviction has weakened. The Hodler net position change fell from about 2.87 million SOL on February 3 to roughly 2.37 million SOL by February 5, a roughly 17% drop over two days, indicating long-term holders have been distributing rather than accumulating.