Solana's performance report presented a good outlook around the strength of the blockchain as compared to 2022. On the contrary, SOL registered a decline in price but SOL still stayed low on selling pressure indicating optimism amid SOL holders.
The selling pressure was expected considering that SOL had been on a bullish uptick since the second week of June. In addition, the recent profit-taking occurred after the price dipped into overbought territory. SOL’s Relative Strength Index confirmed that there have been outflows since mid-July.
SOL holders and enthusiasts should note that the cryptocurrency maintained healthy relative strength despite the profit-taking. This could be a sign that most SOL holders have a long-term focus. Some on-chain data collaborated with this observation.Source: Santiment SOL still maintained healthy daily trading USD volume although it dropped substantially since mid-July. However, a further drop could send SOL volumes back to the lower monthly range. These findings further confirmed that the cryptocurrency’s trading activity was down substantially.On the other hand, it was experiencing very low sell pressure and was holding on to recent gains quite well.
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