SOL On-Chain Data Update By observing, we can see that SOL's price trends are closely related to profit-taking by "large wallets." It seems that every time there is a massive cash-out by large wallets holding 1k-10k ppm, SOL's price undergoes a period of consolidation. The most notable dates are 3/22, 5/19, 1/24, and 11/23. These are the days when large holders took profits at price "peaks," and their massive selling pressure significantly consumed the market's short-term demand. Naturally, the market needs some time to recover after such events. (Figure 1) Currently, I noticed that on 5/13, large wallets holding 1k-10k ppm collectively cashed out 3.55 million SOL. Although this scale is not particularly large, it is quite close to the event on 11/23, making it a significant profit-taking event. Subsequently, during the rebound on 5/22, no similar activity was observed. Therefore, we can interpret this as SOL needing a period of consolidation following the previous profit-taking. (Figure 2) From the perspective of SOL's "old wallets," the scale of selling by "old wallets" at the price peak on 5/13 was much smaller than during previous price surges. This indicates that long-term holders are not particularly interested in the current price and seem to be waiting for a better opportunity. This is one of the reasons why I believe SOL will not experience a significant pullback in the short term but will instead require a period of adjustment. Of course, this assumption is based on BTC not experiencing a major pullback during this period. (Figure 3) Looking at SOL's URPD data, it is clear that the $168-$176 range has the highest concentration of tokens in the entire price distribution. Currently, $168 has accumulated 33.4 million SOL (5.6% of total circulation), while $176 has 37.53 million SOL (5.6% of total circulation). At present, SOL is situated right between these two significant volume bars. The formation of these large volume bars indicates intense buying and selling activity in this range. The willingness of funds to step in at this level suggests that it is a demand zone (support zone). The next support zone is around $144. As long as BTC can maintain its high-level consolidation, SOL's price during this consolidation period should remain within this range. ‼️ My sharing is for learning and discussion purposes only and does not constitute investment advice. ‼️ ------------------------------------------------- This article is sponsored by #Bitget ｜@Bitget_zh