Recently, I looked at on-chain data and found that SOL's holding structure is quietly changing. Addresses holding between 10,000 and 100k SOL have increased their share of the total supply from 21.9% to 22.2% over the past two weeks. It may not sound like much, but in reality, this corresponds to 1.71 million SOL, which is roughly equivalent to millions of Japanese Yen in value. This indicates that medium-sized holders are quietly accumulating.

Currently, SOL is trading a little above $83, and technically, it appears to be consolidating at the bottom range. Interestingly, the derivatives market's liquidation data shows over $100k in short-term short liquidations above $89, while around $83, there are over $40 million in long stop-loss orders stacked up. Under this structure, there may be repeated fluctuations in the short term, but once the range is broken, it could trigger a chain reaction. The continued accumulation by medium-sized holders combined with this technical setup suggests there might be a story ahead.