Solana drops below $130 despite whales ramping up accumulation

Solana (SOL) drops below the $130 mark for the first time since January 2nd, but on-chain data indicates a strong recovery potential is opening up for this top 10 altcoin.

Continuing accumulation trend for SOL

Major investors (whales) of SOL remain confident in the growth prospects of this coin, taking advantage of the correction to $120 at the end of 2025 to accumulate more. According to data from Glassnode, the number of whale wallets holding between 1,000 SOL and 10,000 SOL has surged since late November 2025. Currently, these addresses hold about 48 million SOL, accounting for approximately 9% of the total circulating supply.

Number of whale addresses holding from 1,000 SOL to 100,000 SOL | Source: Glassnode Notably, wallets holding 100,000 SOL or more have increased total holdings to 362 million SOL, up from 347 million SOL on November 17, 2025, representing 64% of the total supply.

Other indicators also show the market is in an accumulation phase, as buying pressure from long-term holders (LTH) continues to rise. The net position change index of these investors has remained positive since late December 2025, reaching a 15-month high of 3.85 million SOL this past Sunday. This reflects a positive return of investor confidence, with expectations of further price increases for SOL.

Long-term SOL position change | Source: Glassnode The last time long-term investors reached this accumulation level was in October 2024, just before SOL experienced an impressive 95% price increase.

SOL supply on exchanges hits two-year low

Since late November 2025, the amount of SOL stored on exchanges has decreased sharply, according to data from Glassnode. Specifically, SOL balances on exchanges have fallen by 5 million, to 26,058,693 on Wednesday – the lowest since January 12, 2023.

SOL reserves on exchanges | Source: Glassnode The reduction in supply on exchanges indicates investors are not planning to sell, further strengthening SOL’s growth potential.

Solana network activity shows strong signs of recovery

Positive on-chain indicators reflect that the Solana ecosystem is lively again, laying the foundation for significant price increases in the near future. According to data from Nansen, the number of active addresses daily has increased by 51% over the past week, reaching a six-month high of over 5 million addresses. This demonstrates strong interest and participation in decentralized applications and staking services on Solana.

Number of active addresses and daily transactions on Solana | Source: Nansen Additionally, the average daily transaction count has increased by 20% during the same period, reaching 78 million transactions on Tuesday – the highest since mid-August 2025. This clearly indicates network scalability and increasing application adoption.

Notably, the stablecoin supply on Solana has surged over 15% in the past seven days, setting a new record of $15 billion, according to data from Token Terminal. This trend shows a strong influx of liquidity into the Solana ecosystem, helping to stabilize the network and attract investor attention.

Stablecoin supply on Solana | Source: Token Terminal According to analysis by Milk Road on platform X, “The increase in stablecoins on Solana means more capital is available for transactions, payments, and application development.” The rising stablecoin supply reflects growing on-chain demand, boosting network utility, increasing transaction fees, and acceptance, thereby reinforcing the upward trend for SOL.