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Solana Price Faces Slowdown In Velocity: Here Are The Support And Resistance Price Levels To Keep An Eye On
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Solana Price Faces Slowdown: Support And Resistance Levels To Keep An Eye On

Scott Matherson
Scott Matherson
2 months ago
3 mins read
Solana

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Solana’s price action is being shaped by investor behavior at key price levels, as revealed by new on-chain data from Glassnode. Large clusters of traders have formed at both ends of the current trading range, which are now playing a central role in how Solana moves in the short term. This is especially true as overall Solana trading activity and market participation continue to slow down.

$144 Resistance Builds As Break-Even Sellers Line Up

According to Glassnode’s URPD chart, Solana’s supply distribution reveals a sharp cluster of holdings at $144, where 27 million SOL, close to 5% of the total supply, is currently concentrated. This level has now become a test of resistance for Solana’s price action in the past few days.

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What makes this zone particularly significant is its historical context. On January 19, when SOL reached its all-time high, this same level already held 20.6 million tokens. The rise in holdings since then indicates that many investors are sitting near their entry points and may be inclined to sell once prices revisit $144 to break even. This creates a psychological barrier that could stall or even reverse rallies if bullish momentum proves too weak to overpower profit-taking at this zone.

Beneath this resistance lies another major supply wall at $135, where 26.6 million SOL is currently held. Taken together, these two zones are likely to cap upward movement unless volume surges dramatically or there are new bullish events that will attract stronger demand.

Image From X: Glassnode

Long-Term Holders Reinforce Positions To Form Strong Support At $112

A Solana price support is also forming with notable strength, especially around the $112 region. Glassnode’s data shows that 9.7 million SOL, approximately 1.67% of the supply, is now positioned at this level. Back on January 19, only 4 million SOL tokens were held here.

Therefore, the increase to 9.7 million SOL tokens means that long-term investors have doubled down and reinforced their cost basis after the decline in recent weeks. This signals a high probability of price defense in the face of selling pressure, as these holders are likely committed to maintaining their positions rather than cutting losses.

Below $112, however, the safety net begins to thin. The $94 to $100 range collectively holds nearly 21 million SOL, but beneath that, there’s a wide void. Between $94 and $56, supply thins out dramatically, indicating a potential “air pocket” in price action. If the $100 mark collapses, Solana could experience a strong drop due to the absence of strong buyer interest in this lower range.

SOL market cap currently at $68.2 billion. Chart: TradingView

Further complicating the outlook is Solana’s steadily declining velocity, which has now sunk to its lowest point in five months. This metric, which tracks how often SOL changes hands, has reverted to levels last seen in October 2024.

Such a sharp decline in circulation reflects a clear drop in investor engagement. This dwindling activity exacerbates bearish sentiment, suggesting that even with support at $112, a muted market response may limit recovery efforts.

SOL: Velocity. Image From Glassnode

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At the time of writing, Solana is trading at $131. Solana has spent the past seven days trading between the upper end of $135 and the lower end of $122.

Featured image from Coins.ph, chart from TradingView

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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