Solana Faces Selling Pressure as $250 Resistance Looms

Solana (SOL) has extended its rally, moving closer to the critical $250 psychological mark. This level is widely viewed as a decisive threshold for the altcoin. However, before it can reach this target, the token is encountering resistance from long-term holders who are beginning to sell.

Recent data from Glassnode’s HODLer net position change reveals that selling activity among long-term investors has reached a six-month high. Historically, this group has played a major role in shaping Solana’s trajectory. Their accumulation often drives recovery, while their sell-offs tend to weigh heavily on price momentum. If this trend continues, it could prevent SOL from securing the $250 milestone and stall its bullish momentum.

Despite the selling pressure, on-chain indicators suggest Solana still has room to grow in the short term. The Net Unrealized Profit/Loss (NUPL) metric shows that the asset has not yet reached the Belief-Denial threshold at 0.5, a level that often signals an upcoming correction. This indicates that while risks are rising, SOL could still see more gains before a potential cooldown phase.

Currently trading near $235, Solana is just 6% away from its key resistance level. Over the weekend, the token made an attempt at $250 but failed, though it continues to hold above the crucial $232 support. A rebound from this zone could allow SOL to test $242, and if selling pressure eases, the asset may retake $250 in the near term.

On the flip side, if long-term holder sell-offs accelerate, Solana may lose its $232 support, triggering a correction toward $221 and undermining bullish sentiment. With momentum hanging in the balance, market participants will be closely watching how SOL reacts at these levels.