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Solana’s $129-level – Here’s why investors are watching this level
As the cryptocurrency market continues to witness a mix of trends and unpredictability, traders and investors alike have been closely monitoring various market indicators. One such area of focus is Solana’s (SOL) price action, specifically the $129-level.
At press time, SOL’s market capitalization has stabilized around $129.79, turning it into a key support zone. The cryptocurrency has been consolidating within a defined range marked by $117 and $144, with a compression suggesting that a breakout could be near.
A closer inspection of UTXO realized price distribution (URPD) maps reveals a clear shift in investor behavior. According to the data, more than 5% of the total supply is now clustered around this critical level. This represents the largest accumulation zone to date, signaling stronger conviction among investors that SOL’s current value may be a new fair value.
Solana’s recent price action has also been characterized by hesitation below the $129.79 level, accompanied by a lack of strong conviction in either direction. This coiled structure hints at a buildup before a breakout, which could determine short-term trend direction. The possibility of SOL moving from here could have significant implications for both traders and investors alike.
It is crucial to note that large supply clusters often develop into critical support or resistance zones due to investor psychology. When many holders share a similar cost basis – like the $129.79 level for SOL – they are more likely to defend that position during pullbacks, reducing selling pressure. Historically, such zones have acted as turning points, either halting declines or capping rallies.
The deeper the volume at a price, the stronger the conviction among participants. In SOL’s case, the concentration of supply at $129.79 means it is an anchor – a level where buyers may step in and make it essential to pay close attention to this area.
This article was written by Samyukhtha L KM
Source: https://ambcrypto.com/solanas-129-level-heres-why-investors-are-watching-this-level/
