- Over 32M SOL now sits around $129.79, turning it into a key support zone
- SOL has been consolidating within $117-$144, with a compression suggesting that a breakout could be near
Solana’s [SOL] been busy behind the scenes. However, while the charts may look calm on the surface, a closer look revealed more than what meets the eye. With supply stacking up and the range tightening, the stage might just be set for something interesting.
A new stronghold…
UTXO realized price distribution (URPD) maps where current holders bought in shows cost basis across the supply. It’s a useful lens into investor behavior, highlighting price levels with concentrated capital that may act as support or resistance.
The latest data revealed a clear shift – Over 32 million SOL, more than 5% of total supply, is now clustered around $129.79. This makes it the largest accumulation zone to date.
Source: Glassnode
The takeaway? Investors have been increasingly viewing this level as “fair value,” signaling stronger conviction and making $129.79 a key support.
Solana in a tightening range
Solana has been compressing within a defined range, marked by support at $117 and resistance at $144. At the time of writing, the key pivot lay at $129.79. This seemed to be the largest supply cluster, where investor interest has been most concentrated.
Source: TradingView
The price action tightened below this level, showing hesitation to break higher. Meanwhile, the RSI was hovering near neutral zones, and the OBV was flattening, indicating a lack of strong conviction in either direction.
This coiled structure seemed to allude to a buildup before a breakout. Whichever way SOL moves from here could determine short-term trend direction – with $129.79 potentially acting as a warzone.
Why this cluster matters
Large supply clusters often evolve into critical support or resistance zones due to investor psychology. When many holders share a similar cost basis – like the $129.79 level for SOL – they’re more likely to defend that position during pullbacks, reducing selling pressure.
Historically, such zones have acted as turning points, either halting declines or capping rallies. The deeper the volume at a price, the stronger the conviction among participants. In SOL’s case, the concentration of supply at $129.79 means it’s a “fair value” anchor – A level where buyers may step in, making it important to watch.