Solana is struggling to rebound after a recent price drop. SOL has been staying below the $130 resistance level. This altcoin has shown attempts to establish a bottom, but the momentum remains unstable.

Unlike the past rallies fueled by new capital inflows, the next move is more likely to be determined by existing Solana holders rather than newly incoming investors.

Solana holders show signs of resilience.

On-chain data shows early signs of stabilization. The Chaikin Money Flow has surged in recent days. This indicator is still below the zero line, but the upward trend suggests that the outflow of funds is slowing down.

These changes are very important for the recovery outlook of Solana. Decreasing outflows are often a precursor to a shift in inflows. If buying pressure outpaces selling pressure, SOL's price can respond quickly. If the CMF continues to improve, it may indicate that the confidence of existing holders is being restored.

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From a macro perspective, a more cautious stance is emerging. The number of new Solana addresses has sharply decreased recently. The number of new addresses has dropped from 6,077,000 to 5,390,000, a 11.3% decrease over 10 days.

The decrease in network participation suggests a weakening of speculative interest. New investors are hesitating due to a lack of short-term incentives. With a lack of new demand, the price defense and recovery attempts of existing holders have become even more critical.

At the time of writing, Solana is trading around $126. It remains below the resistance level of $130. The price movement is closer to a correction rather than a breakout. The short-term target for SOL is to reclaim $130, which could signal a shift in short-term momentum.

The decrease in outflows is increasing the probability of a rebound. If current holders continue to accumulate and inflows follow, buying pressure could lift SOL to $130. To break through this price range reliably, steady demand is needed rather than temporary speculative buying.

If market sentiment worsens, the risk of decline may persist. If selling resumes, Solana could drop below the support level of $123. If this price collapses, $118 could be exposed as the next target for decline. If this support line falls, the bullish outlook may be invalidated, and short-term bearishness could strengthen.