The post Solana Faces Resistance and Redistribution Challenges: Can Support at $123 Hold Amid Market Shifts? appeared on BitcoinEthereumNews.com.

Solana’s price struggles against robust resistance levels, as recent on-chain metrics indicate tactical redistribution and dominance of long liquidation. The strategic price movements suggest profit-taking behavior amongst investors and a preparatory phase for potential consolidation. According to Glassnode, around 27 million SOL tokens last exchanged hands within the critical price range of $144 to $156, emphasizing a significant resistance area. Explore Solana’s current resistance at $144 and potential support zones as market dynamics shift. Key insights from recent trading data are analyzed. Critical Resistance Levels for Solana – $147 Roadblock and Support at $123 Solana [SOL] encounters stiff resistance near $144 as investor sentiment shifts, revealed through on-chain analysis. Notably, Glassnode’s insights indicate that nearly 27 million SOL were transacted within the $144 to $156 range, establishing it as a formidable resistance zone. Source: Glassnode Moreover, an additional 26.6 million SOL shifted hands between $132 and $144, illustrating a densely packed supply cluster that heightens the overall selling pressure in this price band. Predictable Market Behavior Amidst Holding Patterns The concentration of investor holdings around these price levels leads to increasingly predictable market responses. When SOL revisits these ranges, intensified selling pressure is likely to emerge, particularly as observed during prior trading periods. Evidence from the period of 19-31 March indicates signs of profit-taking and reaccumulation in Solana’s supply data. Glassnode recorded a 0.3% increase in tokens transacted at $144.54 while holdings at $147.49 dropped by 0.1%, signaling diminished confidence at prior highs. Investors are also showing tendencies to gravitate towards lower price zones, reinforcing support between $123 and $144. Accumulation metrics indicate a notable rise in holdings near $112, which have surged from 4 million to 9.7 million SOL since January, showcasing a calculated approach to redefining support and resistance thresholds. This prevailing trend underscores a cautious “break-even” mentality…

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Filed under: News - @ April 3, 2025 7:24 am