SOL on-chain data updates By looking at it, we can see that the price movement of SOL is closely related to the realization of "big wallet" profits. It seems that every time there is a huge amount of cash out in a large wallet of 1k-10k ppm, the price of SOL has to go through a period of recuperation. The most obvious are the 4 days of 3/22, 5/19, 1/24, and 11/23. This is when the price is at a "high", the big investors take profits and leave the market, and it is their huge selling pressure that consumes a lot of short-term demand in the market. If you hurt your "vitality", you naturally have to take a break. (Figure 1) At present, I see that 355w SOL has been cashed out in the big wallet of 5/13 1k-10k ppm, which is not particularly large, but it is closer to 11/23, and it is also a big profit escape. It didn't happen again in the 5/22 rally. Therefore, we can understand that the current SOL needs to take a break from the previous profit realization. (Fig. 2) From the perspective of SOL's "old wallet", the scale of the "old wallet" sold at the price high of 5/13 was much smaller than the previous market rush period. Shows that long-term holders are not particularly interested in the current price and seem to be waiting for a better position. This is also a consideration that I don't think SOL will retrace significantly for the time being, but will only need to adjust for a while. Of course, the premise is that BTC does not experience significant drawdowns during this period. (Fig. 3) From SOL's URPD data, it can be clearly seen that the two places of $168-$176 have the most chips in the entire price distribution, of which $168 currently has 33.4 million SOL (5.6% of the total circulation), while $176 has 37.53 million SOL (5.6% of the total circulation); The current SOL is located exactly in the middle of the 2 massive bars of $168-$176. The generation of a huge number of columns shows that the long and short game here is extremely fierce, and some people sell and some buy; Funds are willing to take over here, indicating that this is a demand range (support zone). The next support range is around $144. As long as BTC can maintain a high level of consolidation, the price of SOL should be roughly in this range during this break. My !️ sharing is only for learning and communication, not as investment advice! !️ ------------------------------------------------- This article was sponsored by #Bitget |@Bitget_zh