Based on the URPD data of $SOL , the on-chain turnover in the past 24 hours is not high. As of 8 AM today, there are only over 6 million in circulation. The main selling pressure comes from two groups of people:

One is the old chips at low levels of $38 and $61, which have sold over 1 million. The other is those who entered at high levels above $194, cutting losses and fleeing. The fluctuation of chips in other ranges is not significant.

Currently, the largest accumulation of chips is still around 165, with over 33 million. It seems that a short-term support can form between 165-176. But the problem is that this range is essentially just supported by sentiment. Although the chips around 188 have increased somewhat, it is only a local support and cannot push out a significant market trend.

More critically, the sentiment on the chain for SOL has clearly cooled down recently, with no new breakout points in the ecosystem. The market narrative relies more on topics like 'SOL version of micro-strategy' and 'SOL ETF' for support. To put it bluntly, it still depends on riding the rhythm of BTC. As long as BTC's sentiment falls, SOL will likely follow suit.

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Therefore, in the short term, SOL's price is more likely to be influenced by the overall market sentiment. Especially with reduced liquidity over the weekend, the price is more easily swayed by sentiment. If we talk about SOL having an independent market trend, I have some doubts.