Is the short-term pullback of SOL nothing to fear? On-chain data reveals that Solana is poised for a breakout: the number of holding addresses has hit a record high, and there is a massive outflow from exchanges!

On July 1, Solana (SOL) price pulled back about 2.6%, partially retracing last week's rise (Gate market shows that SOL is currently priced at $148.7, with a 24-hour fall of 0.23%). However, looking at the longer time frame, this short-term adjustment of SOL is not concerning. A deeper analysis of on-chain indicators may instead reveal that the market is accumulating energy.

Key Highlights: Surge in SOL Holding Addresses & Massive Outflows from Exchanges Key data reveals a strong fundamental outlook:

1. Number of addresses holding coins hits a new high: Glassnode data shows that on June 28, the number of addresses holding at least 0.1 SOL soared to a record 11.44 million! This milestone coincided with SOL reaching a high of $150.76, indicating that retail investors continue to accumulate SOL. A large influx of new addresses typically conveys a clear signal: market confidence is increasing.

2. Significant net outflow from exchanges: CoinGlass data shows that as of July 1, centralized exchanges experienced a net outflow of up to $525.3 million in SOL. If this trend continues, it may indicate tightening liquidity of SOL on exchanges—the circulating supply available for sale is decreasing, and the tendency to hold tokens is becoming long-term, which is a classic bullish supply-demand structure.

   

Derivatives Market: Bulls are in full force, bullish sentiment is strong Not only is the spot market active, but SOL derivatives trading (futures and options) is also sending strong bullish signals:

• Futures trading volume surged nearly 89%, reaching $20.2 billion; perpetual contract open interest (Open Interest) increased by more than 4%, to $7.22 billion.
• Options market is also lively: trading volume increased by 37%**, open interest surged by nearly **18%.
• Key Indicator: Taker Buy/Sell Ratio ( Overall at 1.0012, but major exchanges show overwhelming buying pressure. This far exceeds general optimism, indicating that large derivatives traders are firmly bullish on SOL.

Technical Analysis: Breakthrough in Progress, Key Resistance Levels in Focus What is the current price structure of SOL?

• According to AMBCrypto chart analysis, SOL is operating within a bullish triangle pattern and has initially broken through the first resistance level, making solid progress on the technical front, with the key being to maintain upward momentum.
• If it can hold the key support levels of $144.87 or $139.88, it is expected to once again challenge the $184.88 range (a potential 27% rise from the current price).
• Mid-term pattern: SOL is still constrained by a downtrend resistance line. Once this resistance is effectively broken, the upside potential will be completely opened, with target levels at $181.46 and $203.98. If bullish momentum is strong, it may even challenge $244.00.![])https://img.gateio.im/social/moments-87a9b3933a-af113fd7ab-153d09-7649e1(

Conclusion: Pullback does not change the bullish foundation, SOL is poised for a breakout Despite the short-term price pullback, the overall bullish pattern of SOL remains solid when considering the comprehensive on-chain data, token distribution, derivatives indicators, and technical structure. The continuous accumulation by grassroots investors and whales, coupled with investor confidence, alongside potential exchange supply tightening, collectively form a strong support. If SOL can successfully break through the key descending trend line resistance, a new round of market activity may quickly initiate.