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According to Glassnode’s blockchain analysis Solana (SOL) investors can track purchasing and selling movements from previous transactions to discover important price regions.
Glassnode published its price level analysis on X which shows how much SOL was involved in trades. Bitcoiners tend to adjust their coin presence based on these specific price points through actions that either decrease their holdings or increase them.
Our analysis revealed that most Solana customers moved their coins to $144 during the URPD tracking in January’s price peak but only small transactions took place beyond that level. SOL prices fell because investors lacked significant support to absorb selling pressure near the ATH. New price zones now stand as areas where buyers will provide support.
Solana’s On-Chain Accumulation Data
According to Glassnode analysis the 1.67% of the SOL supply now holds 9.7 million SOL after cost bases at the $112 price level grew from 4 million SOL in January. The steady purchase of SOL at this level created a strong barrier that investors may use for defense. Collectively these three support levels stand at 21 million SOL and control 3.5% of the Solana supply.
The next strongest protection zones for SOL will emerge if its price moves downwards through the $112 mark. According to Glassnode data no substantial buying zones emerge until investors reach the $53 area posing a threat of faster market downturn. Solana will encounter buying pressure around $135 then $144 price zones.
The two price levels at $135 and $144 represent acquisition costs for 26.6 million and 27 million SOL tokens. Large supply zones built up by investors at these levels would make it tough for prices to rally because many would want to sell at their initial purchase price to break even. Solana will face up or down pressure after market prices test these support barriers.
Investor Psychology And Impact
The possibility exists that SOL will establish a range first before advancing to more advanced resistance points. When market support fails to hold the situation could develop into a deeper market decline sooner than expected. Glassnode data demonstrates influencing factors related to investor emotions in market fluctuations.
Buyers enter existing price zones because they refer to previous buying levels when deciding if they should keep their positions. Traders typically hold their assets when the price crosses above significant support lines and strengthens defense against any selling pressure. The price falls faster as traders start selling assets to cut losses when price reaches these levels from below.
These on-chain indicators inform investors about market behaviors before they happen. The marketplace observes Solana’s worth due to its recent tie-up with essential support areas. Stable price movements can arise from continued buying pressure at the $112 level and minor cluster areas from $94 to $100.
The cryptocurrency will likely move down to $53 if holders fail to defend the present support ranges. Market participants must stay alert by watching these support prices as they plan their market decisions. Technicians closely analyze support and resistance level resistance but more investor activity determines Solana’s future price movement direction.
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