The post Here’s Where Support & Resistance Lies For Solana, Based On On-Chain Data appeared on BitcoinEthereumNews.com.

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. The analytics firm Glassnode has revealed the Solana price levels that could be important to watch, based on on-chain accumulation data. Solana Cost Basis Distribution Reveals Where Supply Is Most Concentrated In a new post on X, Glassnode has discussed about the UTXO Realized Price Distribution (URPD) of Solana. The URPD is an indicator that basically tells us about how much of the SOL supply was purchased at which price levels. Naturally, the metric uses the last transaction price of any token in circulation as its cost basis. Related Reading First, here is how the URPD looked when the cryptocurrency set its new all-time high (ATH) back in January: The cost basis distribution of the asset as it stood on 19th of January | Source: Glassnode on X From the graph, it’s apparent that a few price levels like $144 stood out in terms of the amount of supply that they hosted. At the price levels closer to the new ATH, however, supply was quite thin, meaning not many coins changed hands there. In on-chain analysis, the potential of any level to act as support or resistance is measured in terms of the amount of supply that it hosts. This means that levels that have a large cluster around them on the URPD are the ones of importance to the asset. As for why this is so, the answer lies in investor psychology: holders are sensitive to retests of…

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Filed under: News - @ March 20, 2025 6:20 pm