A long-term Solana staker has initiated a gradual exit from their position, unstaking over 98,000 SOL after holding for nearly two years. The wallet originally acquired the tokens from Binance near cycle highs before committing them to staking. The current exit is occurring at significantly lower prices, locking in a realized loss exceeding $6.6 million. The holder is using a Dollar-Cost Averaging (DCA) approach to sell, spreading the supply over time to avoid triggering abrupt, liquidation-driven market reactions. However, this steady distribution is creating persistent overhead selling pressure on the SOL price.
Meanwhile, Solana's price is testing a critical support range between $123 and $129. Technical analysis indicates a potential downside toward $116 if this support zone fails. The cryptocurrency has been trading in a clearly defined range, with buyers repeatedly defending the $120–$125 demand zone but failing to break above the $146–$150 resistance level. This has resulted in a period of compression and balance rather than directional control.
Momentum indicators reflect this consolidation. The daily Relative Strength Index (RSI) has rolled over from recent highs near 70 and was around 43.8 at press time, indicating weakening upside pressure without signaling oversold conditions. The Moving Average Convergence Divergence (MACD) also shows a recent death cross pattern, suggesting the downtrend has not yet reversed.
Contrasting the individual seller's exit, institutional accumulation is ongoing. Forward Industries, a Nasdaq-listed company, has significantly built its Solana treasury, now holding over 6.97 million SOL tokens. Since launching its treasury strategy in September 2025, the company has generated 133,450 SOL in staking rewards, which it plans to compound, highlighting a strategic, long-term institutional focus on the asset.
In a separate development boosting Solana's utility, Bitcoin Hyper is advancing its Solana-based Layer-2 network designed to enhance Bitcoin's scalability. The project aims to combine Bitcoin's security with Solana's high-throughput technology to enable decentralized finance (DeFi) applications and real-world asset tokenization on Bitcoin.
Despite the selling pressure, market dynamics show underlying strength. Spot Taker CVD data over a 90-day window remains buyer-dominant, indicating aggressive market buyers are absorbing the sell-side distribution. Furthermore, Binance top trader positioning remains heavily skewed toward longs, with 80.86% of top trader accounts holding long positions, resulting in a Long/Short Ratio of 4.22.
The market is at a crossroads, absorbing long-term distribution while defending key structural support. Trader confidence remains elevated, but price action lacks the expansion needed to validate bullish expectations. The outcome hinges on whether buyers can continue to absorb supply and defend the $123–$129 support zone.
