On-chain data shows that Solana long-term holders have continuously reduced their holdings of SOL over the past month, and the rebound support confidence is insufficient.

Solana's price has risen by about 4.2% today, but the overall trend remains weak. The token has fallen nearly 22% in the past month, and the latest on-chain data shows that long-term holders did not support this rebound.

The group holding Solana for 1-2 years has been reducing their holdings this month. HODL Waves tracks the amount of coins held by holders of different ages, helping to identify which holders are increasing or decreasing their positions. On October 20, the group holding Solana for 1-2 years held 19.28% of the tokens. By November 19, this figure had decreased to 17.24%.

For groups that usually remain stable during price adjustments, this is a significant decline. This indicates that long-term holders do not believe that the recent 4.2% rebound is a true trend reversal. Their reduction in holdings also occurred after a month of continued weakness in Solana's price, which helps explain why they have not started to increase their holdings again.

This behavior directly challenges the expectations of a price reversal for Solana. If long-term holders believe that the rebound indicates a true trend change, their holdings should stabilize or increase rather than decrease. Their cautious attitude is clearly related to the technical pressures currently facing Solana. The rebound only has true strength if SOL's closing price is above $143 for the day. Otherwise, the claim of a reversal remains weak, and long-term holders may continue to exercise caution. (BeinCrypto)