Will Solana Spike Again? 😏 Metrics Say Hold Your Horses 🐴

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Solana’s price has been doing the jitterbug for the past three months, offering a modest 7.9% return that feels like a slap on the wrist rather than a pat on the back. On a monthly scale, it’s barely moved 2.3%, which is about as exciting as watching paint dry. But hidden in this snooze-fest are sudden bursts of energy-short-lived spikes that make traders go, “Wait, what just happened?” 🤔

Now, after a sharp 5.29% drop in the past 24 hours, Solana has slid to $180, following the crypto market’s collective mood swing. Sentiment is souring faster than milk left in the sun, but on-chain data whispers secrets of a potential rebound. Two metrics are quietly setting the stage for another one of those “blink-and-you’ll-miss-it” rallies. 🚀

The Big Fish Aren’t Biting… Yet 🎣

On August 17, Solana’s Coin Days Destroyed (CDD) metric plummeted to 161.79 million, the second-lowest daily value this month. Just a day earlier, on August 16, CDD had peaked at 1.16 billion-a jaw-dropping 86% collapse in coin day destruction. That’s like watching a skyscraper turn into a sandcastle overnight. 🏙️➡️🏖️

This kind of move usually happens when long-term holders are sitting tight, refusing to sell their SOL stash. If they were dumping coins held for weeks or months, this number would skyrocket. And guess what? Between August 12 and August 16, it did. But now, the dip suggests most coins being moved are either fresh buys or short-term trades. The old money is still sleeping-or perhaps just pretending to sleep. 😴

Looking back at early August, similar dips in CDD coincided with Solana’s price consolidation phases, which were followed by quick recoveries. So, is history about to repeat itself? Only time will tell, but if CDD stays low, it could mean long-term holders are done cashing out-for now. 🤞

Coin Days Destroyed (CDD) measures how much “coin age” is lost when tokens are spent. Think of it like this: the longer a coin sits idle, the more “age” it accumulates. When it finally moves, those years (or days) are wiped clean. High values mean old coins are being spent; low values suggest recent activity-or none at all. It’s like tracking footprints in the snow. ❄️

Supply Is Sneaking Out the Back Door 🚪

Pair that with exchange balances, and things get even juicier. Between August 14 and August 16, the total SOL across all exchanges dropped from 32.35 million to 31.23 million. That’s over 1.12 million SOL pulled out-a 3.46% decline in just 48 hours, during a period when the price fell from $192 to $185. 📉

This is significant. In a typical correction, you’d expect exchange balances to rise as traders rush to exit. But nope-not here. Supply is leaving exchanges, not entering, which implies accumulation (dip buying) or at least a lack of panic selling. It’s like everyone decided to take their toys and go home instead of throwing them out the window. 🧸

Together, these metrics paint a picture of supply tightening while Solana’s price corrects. Sure, exchange balances have ticked up slightly at the time of writing, but they’re still hovering around recent lows. Like a stubborn mule, Solana refuses to budge too far in either direction. 🐴

For token TA and market updates: Want more insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here. (No pressure, but your inbox might thank you later. 📩)

Solana Price: The Floor Holds… For Now 🛡️

On the technical side, Solana’s price dipped to a local low of $180.89 (August 18), rejecting the $189.95 short-term resistance. Right now, it’s hanging out between two support levels-$178.24 and $173.46-both of which acted as strong reaction zones in early August. If these levels hold, Solana could revisit the $189-$199 cluster, a zone that’s been tested multiple times over the past month. A clean break above $199.27 might just send SOL galloping back toward $209+. 🐎

But here’s the catch: if Solana breaks below $173.46, this short-term bullish hypothesis goes out the window faster than a cat chasing a laser pointer. 🐱

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2025-08-19 02:07