Contrary to pessimism, some investors remain optimistic about a quick recovery in the near term. They believe that the market situation can change quickly, especially if the overall economic and liquidity conditions improve.
Blockchain data from Glassnode shows that #Solana is in for a major test, as $135 is a critical resistance level according to the UTXO Realized Price Distribution (URPD) indicator. This metric identifies key price levels where a large number of SOLs have previously changed hands, making $135 crucial for price action.
If #SOL manages to overcome and consolidate above $135, it could signal a trend reversal and open the way for a potential recovery. However, failure to retake this level could lead to further declines, reinforcing the bearish outlook. The coming weeks will be crucial in determining Solana's next big move.
Solana traded under strong selling pressure, trying to recapture key levels after weeks of market uncertainty. The bulls lost control as soon as SOL fell below the $180 mark, and now speculation of a prolonged bear market is growing. The price remains below key resistance, which makes a recovery problematic.
Lead Analyst Ali Martinez shared his thoughts at X, saying that Solana faces a major test at $135, which has been identified as the most important resistance based on the UTXO Realized Price Distribution (URPD) indicator.
The URPD indicator is a metric on the #blockchain that tracks the price levels at which coins last moved. It highlights areas of accumulation, showing where investors have previously bought and sold. When a lot of tokens change hands at a certain price, that level becomes an important area of support or resistance.
In the case of Solana, $135 represents the level where a large number of SOL trades were last made.
This means that if the bulls retake the $135 level, it could become a strong support and signal a trend reversal. However, if the SOL fails to break above this level, the bears may increase selling pressure, which will lead to further declines.
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