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On-Chain Data Signals Key Test For Solana At $135 Level – Insights
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On-Chain Data Signals Key Test For Solana At $135 Level – Insights

Sebastian Villafuerte
Sebastian Villafuerte
2 months ago
3 mins read
On-Chain Data Signals Key Test For Solana At $135 Level – Insights

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Solana has been struggling since late January, experiencing a sharp decline alongside the broader crypto market. SOL has lost over 60% of its value, with bulls now fighting to hold onto current price levels. Analysts remain skeptical, calling for a continuation of the downtrend as Solana struggles to reclaim higher levels.

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Despite the negative sentiment, some investors remain optimistic about a quick and strong recovery in the coming months. They argue that market conditions could shift rapidly, especially if broader economic factors and liquidity conditions improve.

On-chain data from Glassnode reveals that Solana faces a major test, as $135 is the most important resistance level according to the UTXO Realized Price Distribution (URPD) indicator. This metric identifies key price levels where large amounts of SOL have previously changed hands, making $135 a critical level for price action.

If SOL can break and hold above $135, it could signal a trend reversal and open the door for a potential recovery. However, failure to reclaim this level could result in further downside, reinforcing the bearish outlook. The coming weeks will be crucial for determining Solana’s next major move.

Solana Struggles Below Key Resistance as Bears Take Control

Solana has been trading under heavy selling pressure, struggling to reclaim key levels after weeks of market uncertainty. Bulls lost control once SOL dropped below the $180 mark, and now speculation about a prolonged bear market is rising. The price remains stuck below key resistance, making a recovery challenging.

Top analyst Ali Martinez shared insights on X, revealing that Solana faces a major test at the $135 level, which has been identified as the most important resistance based on the UTXO Realized Price Distribution (URPD) indicator.

Solana UTXO Realized Price Distribution (URPD) | Source: Ali Martinez on X
Solana UTXO Realized Price Distribution (URPD) | Source: Ali Martinez on X

The URPD indicator is an on-chain metric that tracks the price levels at which coins were last moved. It highlights significant areas of accumulation, showing where investors have previously bought and sold. When many tokens have changed hands at a specific price, that level becomes a critical support or resistance zone.

In Solana’s case, $135 represents a level where a large amount of SOL was last transacted. This means that if bulls reclaim $135, it could act as strong support and signal a trend reversal. However, if SOL fails to break above it, bears could reinforce selling pressure, leading to further downside.

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Solana Faces Key Support Test at $126

Solana (SOL) is trading at $126 after experiencing massive selling pressure in recent weeks. The price has been in a strong downtrend, failing to reclaim key levels as market-wide uncertainty and volatility continue to drive sentiment.

SOL holding crucial multi-year support | Source: SOLUSDT Chart on TradingView
SOL holding crucial multi-year support | Source: SOLUSDT Chart on TradingView

Currently, SOL is sitting at a crucial weekly demand level, which bulls must defend if they want to initiate a recovery or at least establish a consolidation phase around current prices. Holding this support could provide the foundation for a relief rally, but the market remains fragile.

If SOL loses the $120 level, selling pressure could intensify, potentially sending the price toward the $100 mark or even lower. A break below this demand zone would indicate further weakness and could trigger panic selling, leading to deeper losses across the altcoin market.

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For any meaningful recovery, bulls need to push SOL above $135 and reclaim $150 to shift momentum in their favor. Until then, downside risks remain high, and traders will closely watch how Solana reacts at this critical support level in the coming days.

Featured image from Dall-E, chart from TradingView 

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

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To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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