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Analysis: During the SOL pullback, the majority of the volume entered above $144, with very few trapped chips remaining above.
BlockBeats News, September 7th, on-chain data analyst Murphy released an analysis of SOL's on-chain structure. As shown in the chart, the SOL chip distribution roughly presents an olive-shaped structure, with a large accumulation in the middle and slightly less at the ends. With the current price of $203 as the center, SOL accumulated within the top 20% price range (i.e., $203 to $242) accounts for 7% of the total circulation, while SOL accumulated within the bottom -20% price range (i.e., $162 to $203) accounts for 39.2% of the circulating chips.
If the future SOL price continues to rise, as there are few trapped chips above, the main selling pressure will come from profit-taking by the chips below. Through recent repeated oscillations, SOL has changed hands very fully in the -20% price range, raising the average cost of all participants. Therefore, when there is a certain degree of unrealized profit, theoretically, the selling pressure will not be significant. The position of the last massive volume bar on URPD is $144, indicating that the main players entering during the pullback should have a cost of at least $144 or above. If the expected profit space is not reached, these SOL chips are unlikely to be eager to sell. This analysis is for learning and communication purposes only and should not be considered as investment advice.
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