NewsBTC
20 March 2025
4 0

Glassnode Identifies Key Support and Resistance Levels for Solana

Glassnode has identified key Solana price levels based on on-chain accumulation data. The UTXO Realized Price Distribution (URPD) shows where SOL supply is concentrated, indicating potential support and resistance levels.

Key Points

  • The URPD reflects the cost basis of SOL, revealing purchase price levels for existing coins.
  • At its all-time high in January, significant supply was found around $144, but nearby support was lacking.
  • Investor behavior at these price clusters can lead to panic buying or selling during retests of their cost basis.
  • Currently, the $112 level has seen an increase in cost basis from 4 million to 9.7 million tokens, representing 1.67% of total supply.
  • Support levels at $94, $97, and $100 collectively hold nearly 21 million SOL (3.5% of supply). Failure of these levels could lead to a drop towards $53.
  • Resistance levels include $135 and $144, with acquisition levels of 26.6 million and 27 million SOL respectively.

Solana's price increased by over 5% in the last 24 hours, reaching approximately $130.