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Title: Cost Basis Data Highlights Key Support and Resistance Zones for TRON and Solana
Cost basis data from CBD has revealed crucial insights into the support and resistance levels for both TRON (TRX) and Solana (SOL). By examining where investors have been last seen accumulating tokens, we gain a deeper understanding of the market’s behavior, allowing traders and long-term holders to make more informed decisions.
A significant concentration of TRON holdings has been discovered at the $0.26-$0.27 price range, indicating a strong base for any potential uptrend. This data suggests that investors have been actively accumulating TRX in this area, creating an attractive buying opportunity. With no substantial resistance overhead, this setup presents a clear bullish signal.
Meanwhile, Solana’s cost basis distribution shows a critical support zone at $145-$147, which is likely to be a key psychological barrier for the asset. Additionally, two distinct levels of resistance have been identified: one at $155-$157 and another at $164-$166.
For TRON, it appears that nearly 14 billion tokens are clustered within this range, with many investors seemingly unwilling to sell their holdings below this level. This accumulation suggests a strong commitment to the current status quo, indicating potential for a “breakout” if sentiment improves and an uptrend is initiated.
The opposite is true for Solana, as its support zone will likely provide a cushion against further price drops. However, any potential advances are at risk of being impeded by the identified resistance levels. It’s essential to monitor volume and market sentiment closely in these areas.
In summary, the presented cost basis data offers valuable insights into the market’s psychology and technical dynamics for both TRON and Solana. This information is invaluable for traders seeking to capitalize on the shifting price action of these assets.
Source: nulltx.com
