A recent analysis of Solana (SOL), a popular cryptocurrency among Turkish traders, reveals significant shifts in trading behavior. Data from Glassnode’s UTXO Realized Price Distribution highlights a noteworthy concentration of SOL supply at the $129.79 price point. Over 32 million transactions have occurred at this level, solidifying it as a robust support area, suggesting potential psychological barriers during price corrections. 💰
The analysis reveals another key aspect: nearly 18 million SOL is accumulating just below the $129 mark, specifically around $117.99. This range is expected to act as the first line of defense against short-term price drops.
On the flip side, there’s a significant supply of 27 million SOL at the $144.54 level, indicating potential resistance to upward price movements. 📈
What does this all mean? The latest on-chain trends from Glassnode shed light on Solana investors’ strategic positions. High-volume trading areas are crucial for understanding investor strategies and technical analysis.
The UTXO chart provides an insightful overview of total trading volume at specific price points, highlighting market dynamics effectively.
Here’s what we can glean from the recent data:
* Strong investor confidence is evident at the $129 level due to high buy order concentrations.
* The $144 level may pose resistance to price increases, given the substantial supply there.
* Ongoing interest in Solana suggests potential for both short-term and medium-term price navigation.
As Solana continues to garner attention, understanding these key price levels will be vital for investor strategies and market dynamics. This data offers a crucial roadmap for anticipating price movements within the cryptocurrency market.
Continue Reading: Solana Attracts Attention with Key Price Insights