Solana (SOL) recently made an attempt to surpass the $200 level, but this effort did not succeed as investor sentiment began to shift. The altcoin managed to briefly exceed the $200 threshold, but it was unable to sustain the upward momentum. As a result, the price of Solana has since experienced further declines, influenced by deteriorating market conditions and changing investor behavior.

One key metric that has drawn attention is the Liveliness indicator, which has shown a significant increase over the past 12 days, reaching a monthly high this week. Liveliness is a measure of the activity of long-term holders (LTHs), and when this metric spikes, it often indicates increased selling pressure. In the case of Solana, the sharp rise in Liveliness suggests that many long-term holders are actively offloading their holdings. Since long-term holders play a crucial role in shaping price movements, this selling activity is contributing to the ongoing decline in the price of Solana. The continued large-scale selling could intensify downward pressure, making it more difficult for Solana to regain strength in the market.

In addition to the selling pressure from long-term holders, Solana’s macro momentum is also showing signs of weakness. The number of new addresses on the Solana network has reached a monthly low, with the daily rate of new address creation experiencing a notable drop. Over the past 48 hours, the network saw a decrease of 1.4 million new addresses, indicating a reduced level of interest from new investors. This decline in new addresses reflects a broader trend of waning enthusiasm for Solana among fresh participants in the market.

The reduction in new addresses may signal that Solana is losing its appeal to potential new investors, which could extend the current downtrend. With fewer individuals showing willingness to invest in the asset, the price of Solana is more likely to continue its downward movement. At the moment, Solana’s price is trading at $187, just below the resistance level of $188. Following its most recent unsuccessful attempt to hold above $200, the altcoin has struggled to maintain its value. The combination of selling by long-term holders and the withdrawal of new investors presents a challenging environment for Solana.

Under the current market conditions, Solana remains vulnerable to further price declines. If the selling pressure persists, the price could fall below the support level of $176, leading to greater losses for investors. This would reinforce the bearish outlook that has been associated with the altcoin. However, there is also the possibility that if broader market conditions improve, Solana could experience a recovery. Should the price successfully reclaim the $188 level as support, it might then aim to move higher toward $201, offering another opportunity for the altcoin to attempt to hold above the $200 threshold.

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