Over the last 48 hours, Solana (SOL) experienced a marked change in the dynamics of its on-chain cost basis. Our URPD (Uptick Realized Price Distribution) chart showed a significant new supply cluster forming.
The on-chain data confirms it. Right now, the 129.79 dollar level is where the largest concentration of token holdings is found, with over 32 million SOL (more than 5% of the total supply) acquired.
This fresh cost basis cluster signifies a crucial level in Solana’s present market structure and stands a good chance of playing a key role in adjudicating price behavior in the scenario that unfolds over the next several days and weeks. The 129 zone is displaying an uptick in investor activity and has a decent shot at serving as a solid support zone during any future price drawdowns. Should it do so, that would make the rebound potential off the 129 zone pretty solid and render any moves down into the 129 zone as likely entry point moves for confident market participants.
A New Price Range Takes Shape
The concentration of 32 million SOL at 129.79 dollars is a clear reflection of the growing engagement of investors at this level. Whenever such large volumes are concentrated around a specific price, it tends to become a focal point for market behavior—what traders often call a high volume node. This can translate into psychological and technical support, as participants who bought near this level are more likely to defend their positions if prices pull back.
When we look at the price structure for the Solana (SOL) token from a broader perspective, we can see other notable levels besides the 129 cluster that are forming a short-term trading range for SOL. Above the 129 cluster, the next price level with a large concentration of token holders is at 144.15 dollars. In that area, another 19 million SOL is currently held by the aforementioned 9.1 million token holders. Should SOL price make a move upward from here, the 144.15 level, with a large cohort of holders right underneath it, could serve as a rallying point for SOL on its way back up.
Conversely, support could form around 140.09 dollars, where approximately 4.53 percent of total supply was last transacted via a smart contract. This level was last touched on May 31, January 26, and for the last time within the recent price spike, on March 20. So while in the immediate term, SOL could have an easy time bouncing back up, if it is unable to hold above any level north of 140 dollars, that might hint at a failure to reclaim that level as a support.
#Solana’s URPD shows a major shift in cost basis over the past two days, forming the largest supply cluster (>5%) at $129.79 with over 32M $SOL. This zone could act as a support during future drawdowns, reflecting high investor engagement at this price level. pic.twitter.com/mrunKSjKZL
— glassnode (@glassnode) April 15, 2025
In total, the range of 117 to 144 is swiftly establishing itself as the latest frontier for Solana price movement. Within this range, 129 has surfaced as the principal pivot point, or fulcrum. The action around this price level is what most traders using these technical analysis methods will be watching.
Implications for Investors and Traders
Decoding URPD data can produce the most useful of insights. It shows where the levels of support and resistance reside—in ways that can only be understood with the knowledge of how market participants are really behaving on-chain and in real time. This isn’t just a technical indicator; it’s an actual portrait of how and where participants in this nascent market are trading at a given moment.
The appearance of the 129 level as the main supply area indicates that investor sentiment remains cautiously optimistic. This level is being tested in a much more volatile overall market. If it can hold under such trying conditions, then it would seem an even more likely contender for future support. On the other hand, if the market decisively breaks 129, then all eyes will likely shift to 117. Will 117 be a new supply zone and 129 a revised demand zone? The next few weeks will tell.
At the same time, any bullish activity runs up against resistance at 144. It could be that a lot of further upward movement depends on either a whole lot of fresh capital entering the ecosystem or macro conditions improving. Otherwise, 144 seems like an area that could cause a pause in any upward movement. Still, if in the coming days 144 gets bettered, that could be a really good thing.
The Bigger Picture
Solana stays firmly in the spotlight as one of the most closely monitored assets in the crypto market. It is a key part of the ongoing conversation around scalability, performance, and new on-chain innovations in the crypto world. Solana’s rapidly shifting URPD landscape shows just how dynamic investor sentiment has become in the wake of recent events and underscores the importance of monitoring blockchain data for real-time signals. While costs remain unpredictable, the basis clusters will define Solana’s price.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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