April 17, 2025 – Solana (SOL) has been steadily consolidating between $117 and $144, but recent on-chain data suggests that the cryptocurrency might be gearing up for a significant move. Over 32 million SOL tokens, which account for more than 5% of the total supply, are now concentrated around $129.79, turning this level into a major support zone. As the price range tightens, the stage may be set for an explosive breakout.
Solana’s Consolidation: What’s Happening Behind the Scenes?
While Solana (SOL) has shown calm charts recently, a closer look reveals something intriguing. The cryptocurrency has been consolidating within the $117-$144 range, indicating that supply is stacking up. The compression of this price range signals a potential breakout on the horizon, and market participants are keeping an eye on how the next few moves unfold.
Solana’s price action has been relatively stable in recent weeks, but the growing accumulation and tight price range suggest that big players might be positioning themselves for a future rally. Supply tightening and price compression typically precede significant price movements in volatile markets like crypto.
Key Support Zone at $129.79: Over 32M SOL Accumulated
Recent data on UTXO Realized Price Distribution (URPD) sheds light on the behavior of Solana holders and gives crucial insight into the $129.79 support level. The UTXO realized price distribution reveals where current holders purchased their SOL tokens, highlighting price levels with concentrated capital that could act as support or resistance.
In this case, over 32 million SOL tokens have been accumulated around the $129.79 level, making it the largest accumulation zone for Solana to date. This is a key support zone that could provide the foundation for a price rally if it holds. The accumulation suggests that buyers have a strong interest in this price level, potentially signaling a shift in market sentiment.
Will a Breakout Be the Next Step for Solana?
With SOL tightly range-bound and the majority of tokens accumulated around the $129.79 mark, all eyes are now on this pivotal zone. The fact that over 5% of Solana’s total supply is clustered here indicates that this area is likely to act as a strong support level. If the price holds at this zone, it could create the perfect conditions for a breakout toward higher levels.
On the other hand, if the price falls below this support level, there could be further downside potential, with $117 acting as another crucial support level in the short term. However, considering the concentrated buying activity at $129.79, Solana may see a strong bounce if the price touches or approaches this area again.
Understanding Solana’s UTXO Realized Price Distribution (URPD)
The UTXO Realized Price Distribution (URPD) is an important tool for understanding market dynamics and investor behavior. It maps out the price levels where holders of Solana bought their tokens and shows how their cost basis is distributed across the supply. This metric helps identify price levels where large concentrations of capital are likely to provide support or resistance.
In Solana’s case, the $129.79 level has emerged as a critical support zone, as it now holds the largest accumulation of SOL tokens in history. This price point has seen a significant amount of investor interest, and the market is watching closely to see whether this support will hold or if a breakout is imminent.
