SOL Forms Strong Supply Cluster at $129: What’s Next?
The post SOL Forms Strong Supply Cluster at $129: What’s Next? appeared on BitcoinEthereumNews.com.
Solana’s $129.79 price zone holds over 32M SOL, signaling strong investor support. 18M SOL at $117 suggests strong support, while 27M SOL at $144 could act as resistance. Solana’s price range of $117–$144 highlights key levels for future market movements. According to recent Glassnode data, Solana ($SOL) has had a significant shift in its cost basis. According to the cryptocurrency’s UTXO Realized Price Distribution (URPD), over 32 million SOL was accumulated at $129.79. This price concentration suggests that this price point could offer crucial support if Solana experiences market pullbacks. At this point, the level of investor engagement could be key to Solana’s future price direction. Key Price Levels for Short-Term Price Action Beyond the $129.79 zone, Solana shows notable concentrations of tokens at two other levels. Just below $129, 18 million SOL (3%) are concentrated at $117.99, which could act as the range’s lower bound. Meanwhile, apart from the $129 price level, another 27 million SOL tokens (4.76%) have concentrated at $144.54, which functions as short-term resistance. Based on these levels, Solana’s price could range between $117 and $144, with $129 as the crucial level. These price levels reflect strong investor interest and could shape future market trends. A breakout above $144 or a drop below $117 may signal the next major move. Market Implications: Support and Resistance Zones The recent shift in Solana’s URPD suggests that the price range between $117 and $144 will be a key battleground for the cryptocurrency in the short term. A price above $129 signals ongoing investor strength, reinforcing $129 as a potential long-term support level. Conversely, a price drop below this level indicates weak investor strength, while $117 is likely the next support level. Solana faces short-term resistance at $144.54, with the market needing to break this level to sustain a bullish…
Filed under: News - @ April 15, 2025 11:19 pm