Solana (SOL) shows signs of a bullish comeback as the coin climbed from $128 to breach the $132 resistance level. SOL soared to $134 before witnessing a correction on the crypto market within the last 24 hours.
Glassnode, a leading on-chain platform, has X-rayed the charts formed by Solana, particularly the UTXO Realized Price Distribution (URPD) metric. The analysis reveals key price levels that traders and investors must monitor as SOL witnesses a rebound.
For perspective, URPD reveals how much of Solana was last moved at different price levels. It maps out the price at which investors bought or transferred their SOL holdings and helps identify support and resistance zones.
Glassnode’s data shows that over 32 million SOL were transacted at a market price of $129.79. Therefore, this price level currently has the largest concentration of supply.
Since many investors bought the coin at this zone, if the price of SOL fluctuates and drops to $129, many in the crypto space could either hold or buy more.
This zone can serve as a support level during future pullbacks for the digital currency.
The on-chain platform also identified other lower support bands for SOL. Notably, about 3% of Solana’s circulating supply was moved at the $117.99 level, which accounts for 18 million SOL in investors' hands.
A dip in price to $118 could spark concerns, as investors who entered at $129 and $118 might begin considering dumping the asset to cut their losses.
Another critical price level is the $144 resistance zone, which could trigger selling pressure in the Solana ecosystem. At this point, approximately 4.76% of Solana's supply was last moved.
Some market participants want to sell to break even or profit at this level. How Solana’s investors react at these levels could determine the height of the current rebound.
Due to market volatility, the Solana price was changing hands at $132.40, while trading volume dropped by 16.04% to $3.62 billion. If investors maintain buying momentum, it could test the $135 resistance level.
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