Solana Holders Accumulate $367M in SOL Despite Market Downturn

After failing to hold above the $200 resistance, Solana has seen a slight decline in price. However, investor sentiment remains cautiously optimistic, with signs that SOL may rebound in the near future. The funding rate, which stayed positive throughout July, is now approaching negative territory, suggesting traders are losing confidence in a short-term rally.

Interestingly, on-chain data shows strong accumulation behavior. Over the past week, exchange balances for Solana dropped by 2.03 million SOL, indicating a total purchase worth approximately $367 million. This suggests investors are buying the dip, anticipating future price gains.

SOL is currently trading around $181, holding above the critical $171 support level. If bearish pressure continues, price may fall to the $165 range, or stay flat between $177 and $189. However, if accumulation overpowers short positions, a breakout above $189 could push SOL towards $201, invalidating the current bearish outlook and restoring bullish momentum.