In the past week, Solana (⟨t-33⟩) has dropped about 13%, and the current price has fallen back to a very critical 'on-chain support zone'. Many are asking: Has it finished dropping? Or will it continue to go down?
Let's analyze on-chain data together to see what exactly happened 👇
🧠 What is Cost Basis Distribution (CBD)? Why is it important?
In simple terms, CBD is a statistic of what price everyone bought coins at. This can help us judge:
At which price levels many people have entered the market
Where strong support or resistance may exist
Glassnode recently published an analysis that specifically looked at these data for Solana, discovering several 'intensive buying zones' 👇
🔒 Where is SOL's key support?
According to Glassnode's data, SOL's three important 'holding concentration zones' are:
164~166 USD: About 29 million SOL were bought here
155~157 USD: At most, 31 million SOL
145~147 USD: The current price of SOL is close to this, and this range is not just casual talk; 13 million SOL were bought here!
When so many people's buying costs are concentrated in the same range, if the price returns here, there are two possibilities:
📉 If it has fallen from above:
→ Many people are still making profits at this price level and may think 'now is a good time to buy the dip', thus increasing their positions and forming support!
📈 If it has risen from below:
→ Many people have been trapped before; when the price returns, they might be afraid of it dropping again, so they will rush to sell, becoming resistance.
Currently, SOL has dropped from above, so this wave approaching $145 to $147 may trigger a buying support ✋
⛓️ So where will it rise to next?
If SOL stabilizes at $145, the next resistance levels to watch are:
💥 The $155 - $157 range (this range has a cost basis of 31 million SOL)
💥 Further up is the $164 - $166 range (29 million SOL)
These areas have many people who have bought, so in the future rising process, they may become 'pressure points'.
📊 By the way: How is TRON (TRX)?
Glassnode also analyzed the data of TRON (TRX) and found:
✅ $0.26 to $0.27 is a super strong support zone, with over 14 billion TRX concentrated here
✅ Most people are currently in a profitable state, indicating that market sentiment is relatively healthy for now
💡 Summary: Can SOL really rebound?
Currently, Solana is in a 'strong on-chain support' zone, where many people bought at this price level. If these people choose to hold or increase their positions, this support may hold.
However, if confidence is low and many people are selling, then the support may not hold, and further declines are also possible.
📌 So, is this wave an opportunity or a trap? The key lies in whether the price level of $145 can hold!
DYOR, manage risks well, and may everyone set sail in the crypto world! 🌊
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