Summary
- "It was reported that if Solana (SOL)'s $94-$100 support zone collapses, further sharp declines are expected."
- "If this price level breaks, Solana's $56-$94 range has thin selling pressure, which could lead to a larger decline."
- "Solana's $135-$144 is a strong resistance zone, where selling pressure is likely to increase."
An analysis suggests that Solana (SOL) faces a high risk of further decline if it breaks below the major support zone ($94-$100).
On the 19th (local time), Glassnode stated through X, "According to Solana's UTXO Realized Price Distribution (URPD) indicator, 21 million SOL (3.5% of the total supply) is concentrated in the $94-$100 range," adding that "if this price level breaks, there is a high possibility of a sharp decline." They explained that the selling pressure in the $56-$94 range for Solana is thin, which could lead to a larger drop.
They further added, "Solana's strong resistance zone is in the $135-$144 range," and "with about 5% of the total supply in this range, selling pressure is expected to increase."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
