Solana Price Stays Firm Despite Major 98K SOL Sell-Off Wave

Solana started 2026 with slight fluctuations. SOL traded on January 1, 2026, at $124.48 and closed at $126.76. The prices peaked around January 17, 2026, reaching a high of $144.87. However, recently, a long-term Solana staker made a gradual exit, unstaking more than 98,000 SOL tokens. The staker has been holding the SOL tokens for nearly 2 years.

The exit is occurring at a significantly lower price, resulting in a realized loss exceeding $6.6 million. The staker has adopted a DCA (Dollar-Cost Averaging) method, which involves selling in small, regular portions over a period, rather than selling it off in a single transaction. 

This has prevented SOL prices from a sharp plunge caused by reactions to the sell-off news. Buyers are stepping in to maintain support near the $120-$125 level, preventing further selling pressure and major price breakdown. 

Solana continues to trade within the comfort zone 

Currently, the SOL price is hovering around the key support zone of $120 – $130, and the resistance zone is between $145 – $150. Buyers are acting quickly at each dip to prevent any continued plunge.

The consistent attempt to reach $146 – $150 has failed, and the price has returned to the mid-range. The $135 has been a crucial point for SOL, which acted as both support and resistance levels in recent sessions. 

This trend has prevented major volatility in SOL prices, trapped between $120 and $150, indicating consolidation without control of bullish or bearish events. 

Solana’s previously strong bullish momentum has faded as its Relative Strength Index (RSI) fell from 70 to 40. SOL price is currently at a neutral-to-slightly bearish state. RSI for SOL is at 45.726, indicating a Neutral condition. 

The charts suggest that buyers are not dominant, making it hard for prices to take an upward trend. On the other hand, sellers do not have the power to crash the market. 

According to analysts, if the RSI account reclaims the 50 midline, a bullish state is distant. Currently, the market is consolidating, with no upward or downward movement. A sharp breakdown has not begun, as a few buyers are still providing the right support to sustain the levels. 

Buyers’ actions reduced selling pressure 

Although Solana is currently in a consolidation phase, the market is dominated by buyers, which has clearly put off selling pressure. Buyers are purchasing tokens from long-term holders, preventing a crash despite the dispossession. 

Analysts note that the price is not going up any further, indicating absorption rather than pursuit. It is the sustained buyer action that reduces the sharp decline. However, the absorption does not promise any upward surge. 

Top traders stay long when it comes to SOL 

On top exchanges like Binance, top traders are highly inclined towards long positions. Currently, 80.86% of top trader accounts are holding long positions while 19.14% remain short positions. This results in a Long/Short Ratio of 4.22. 

The ratio has recently peaked above 4.4, indicating high-risk-taking positions. However, investors are less aggressive in taking bullish bets. This signals that traders are highly optimistic about a bullish wave. 

Final Thoughts 

Even after the big sell-off, the Solana price has not crashed due to prompt buyer actions. SOL is in a consolidation phase, where the prices do not move towards a bullish trend or plunge towards an all-time low. The support and resistance levels remain near $120-$125 as buyers continue to purchase some supply. Investors’ confidence is high; however, SOL prices should be higher to confirm a bullish state. This means Solana needs to break its consolidation range to activate a bullish trend.