Solana’s UTXO Data Signals Key Support at $129 Amid Short-Term Price Range?

According to recent Glassnode data, Solana ($SOL) has had a significant shift in its cost basis. According to the cryptocurrency’s UTXO Realized Price Distribution (URPD), over 32 million SOL was accumulated at $129.79.

This price concentration suggests that this price point could offer crucial support if Solana experiences market pullbacks. At this point, the level of investor engagement could be key to Solana’s future price direction.

Key Price Levels for Short-Term Price Action

Beyond the $129.79 zone, Solana shows notable concentrations of tokens at two other levels. Just below $129, 18 million SOL (3%) are concentrated at $117.99, which could act as the range’s lower bound.

Source: X

Meanwhile, apart from the $129 price level, another 27 million SOL tokens (4.76%) have concentrated at $144.54, which functions as short-term resistance. Based on these levels, Solana’s price could range between $117 and $144, with $129 as the crucial level.

These price levels reflect strong investor interest and could shape future market trends. A breakout above $144 or a drop below $117 may signal the next major move.

Market Implications: Support and Resistance Zones

The recent shift in Solana’s URPD suggests that the price range between $117 and $144 will be a key battleground for the cryptocurrency in the short term. A price above $129 signals ongoing investor strength, reinforcing $129 as a potential long-term support level.

Conversely, a price drop below this level indicates weak investor strength, while $117 is likely the next support level. Solana faces short-term resistance at $144.54, with the market needing to break this level to sustain a bullish trend.

Solana’s UTXO Realized Price Distribution highlights $129.79 as a vital support area backed by substantial investor activity. Current price fluctuations of Solana between $117 and $144 create an essential support and resistance point that will shape its future movement.

The price holding above $129 could trigger additional consolidation and upward movement. However, market volatility might increase if the price falls below this level. Market participants must observe fundamental price areas, which could indicate upcoming market shifts.

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