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Solana Plunges 13%: Can Key On-Chain Support Stop The Fall?
- Solana has decreased by 13% in the past week, reaching a significant on-chain support cluster.
- Glassnode's analysis indicates strong support for Solana between $145 and $147 based on the Cost Basis Distribution metric.
- The data reveals key price zones with substantial token supply, such as $155 to $157 and $164 to $166.
- At the $145 to $147 zone, investors last purchased a total of 13 million SOL, suggesting a critical support level.
- Investors tend to react when retesting their cost basis, with potential buying if retesting from above and panic selling if from below.
- The current retest of the $145 to $147 range from above could lead to buyers supporting Solana's price.
- A potential turnaround could focus on the $155 to $157 resistance range according to Glassnode's analysis.
- Glassnode also highlighted Tron (TRX) finding support at $0.26–$0.27 with over 14 billion TRX held in that range.
- Solana's current price hovers around $145 at the lower end of the support range.
- On-chain support at $145 to $147 could be crucial in preventing further decline for Solana.
- Investors typically react to price retests based on their cost basis, influencing market movements.
- Buyers from the $145 to $147 zone may provide support to Solana during this retest.
- Panic selling could occur if Solana fails to hold the $145 to $147 support zone.
- The $155 to $157 resistance range may be a key area to watch for potential price movement in Solana.
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