On-Chain Data Signals Key Test For Solana At $135 Level – Insights
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Solana has struggled since late January, experiencing a sharp decline in the wider cryptocurrency market. Sol lost over 60% of its value and the Bulls are now fighting to maintain their current price levels. Analysts remain skeptical, calling for continued decline as Solana works to return to higher levels.
Related Readings
Despite negative sentiment, some investors remain optimistic about the rapid and strong recovery in the coming months. They believe that market conditions may shift rapidly, especially in the context of broader economic factors and improved liquidity conditions.
Chain chain data for glass section chains suggest that Solana faces significant testing, as $135 is the most important resistance level based on the price distribution (URPD) metric implemented by UTXO. This metric identifies key price levels that a large number of SOLs have changed hands before, which makes $135 a key level of price action.
If the sol can be broken and kept Prices above $135, it could mark a trend reversal and open the door to potential recovery. However, failure to recover from this level may lead to further disadvantages, enhancing the bearish outlook. The next few weeks are crucial to identifying Solana’s next major action.
The bear struggles under key resistance because the bear can control it
Solana has been trading under heavy sales pressure, struggling to recover key levels after weeks of market uncertainty. Once SOL falls below $180, the Bulls lose control, and speculation about the long-term bear market is now rising. Prices are still stuck under key resistance, which makes recovery challenges.
Top Analysts Ali Martinez shares insights on Xrevealing that Solana faces a major test at the $135 level, which has been identified as the most important resistance to the price distribution (URPD) indicator based on UTXO implementation.
The URPD indicator is a chain indicator that tracks the price level of the last moving coin. It highlights important areas of accumulation, which shows where investors have bought and sold before. When many tokens change hands at a specific price, this level becomes a key support or resistance zone.
In the case of Solana, $135 represents the level of the last time the large amount of SOL was traded. This means that if Bulls recovers $135, it could be strong support and indicates a trend reversal. However, if Saul fails to surpass it, the bear may strengthen sales pressure and thus be further lower.
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Solana faces $126 major support tests
Solana (Sol) has sold for $126 after experiencing huge sales pressure in recent weeks. The downward trend in prices is large, and the critical level has not been recovered as uncertainty and volatility across the market scope continues to drive sentiment.
Currently, Sol is at a critical level of demand every week, and if the Bulls want to start recovering or at least establishing a phase of integration around the current price, they must defend it. Holding such support could provide a basis for relief gatherings, but the market remains fragile.
If Sol loses the $120 level, sales pressure may intensify and may send the price to $100 or even lower. Breakthroughs below this demand zone will indicate further weakness and may trigger panic sales, leading to deeper losses in the altcoin market.
Related Readings
To get any meaningful recovery, the Bulls need to raise the SOL to over $135 and recoup $150 to divert momentum. Until then, downside risks remain high and traders will closely monitor how Solana reacts at this critical support level over the next few days.
Featured images from DALL-E, charts from TradingView
