- Notably, Solana trades above $85.55, a former resistance zone with heavy on-chain supply concentration.
- However, the URPD chart shows strong support layering at $79.77 and $76.70, limiting immediate downside risk.
- Meanwhile, deeper cost clusters at $53.10 and $35.40 define historical demand if volatility increases.
Solana traded firmly as price action interacted with dense on-chain supply zones shown in the URPD chart. Notably, SOL was trading at $85.91, reflecting a 7.7% daily increase, while trading at 0.001234 BTC, up 3.5%. This advance positioned price just above a historically active cost basis area, according to the chart distribution. Consequently, short-term movement now revolves around clearly defined resistance and layered support levels drawn from the same data.
Price Action Holds Near Key Resistance Band
According to analyst alicharts,the price surged past the resistance of $85.55 and has been stuck at the intraday ceiling of $86.20. Nevertheless, the URPD bars exhibit high concentration of coins in the range of $76.70 to $85.55 which is a sign of accumulation in the past.
That concentration explains why price slowed after the breakout attempt, despite the strong daily percentage increase. Meanwhile, the 24-hour range compressed near the highs, which kept volatility contained during the advance. As a result, traders now focus on whether price sustains above the former resistance zone.
Support Structure Defined by On-Chain Cost Clusters
Below current levels, the chart highlights $79.77 as the nearest technical support. Notably, this level aligns with a visible supply shelf where prior holders acquired significant volume. Further down, the URPD shows another dense cluster at $76.70, reinforcing it as secondary support. If price weakens further, the chart identifies $53.10 and $35.40 as deeper historical accumulation areas. Therefore, each downward step meets predefined liquidity zones rather than open price gaps.
Short-Term Scenarios Based on Observed Levels
Only in a bullish condition today, the continued trading at a level above $85.55 would enable a re-test of $86.20. Such a move would be based on keeping the price above the closest level of support of $79.77. Nevertheless, a bearish situation would be associated with rejection around 86.20 and then a pullback to $79.77.
On the other hand, selling pressure may continue to push prices to revisit the levels of $76.70, where they recently clustered on-chain. The following scenarios are illustrations of the distribution data as indicated by Glassnode as depicted by the chart.