Solana (SOL) Price Movement Faces Important Barriers and Supports March 2025

Jakarta, Pintu News – Solana SOL->Current SOL PriceRp 0Market Cap-Trading Volume-Circulating Supply-, one of the leading cryptocurrency assets, is facing significant challenges in its price movement. Based on the latest on-chain data from Glassnode, investor behavior is forming a fairly strong consolidation pattern, with a large concentration at key price points. Amid slowing crypto market activity, these support and resistance zones are important factors that determine Solana’s direction in the short term.

Resistance Zone at IDR2.35 Million is a Barrier to the Increase

Supply distribution data from Glassnode shows that there is a large concentration of 27 million SOL, about 5% of the total supply, at the price level of $144 or about IDR2,347,200. This makes the level a strong resistance zone that has been holding back Solana’s price movement in recent days.

This area attracts attention because it has significant historical context. When Solana reached its all-time high on January 19, 20.6 million SOLs were also in this price range. The rise in holdings since then suggests many investors who bought at these levels are now waiting to sell to break even, creating strong selling pressure.

Not far below it, there is a second resistance level at $135 or €2,200,500, where around 26.6 million SOL resides. These two zones form a supply wall that could limit the upward movement unless there is a significant surge in volume or positive sentiment in the crypto market.

Psychologically, the fact that many investors are in a break-even position encourages them to offload assets when the price reaches that point. This situation could hamper Solana’s price increase if the buying pressure is not large enough to offset the selling pressure.

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Long-term Investors Strengthen Support at IDR1.83 Million

On the other hand, price support is starting to form quite strongly around the $112 level or around Rp1,825,600. Data shows that 9.7 million SOL are now at this level, up from just 4 million SOL in January. This increase indicates that long-term investors are strengthening their positions and preparing to defend the price.

The strong support at this level reflects long-term investors’ optimism towards Solana’s prospects in the cryptocurrency market. They seem to be choosing to hold on to their assets rather than sell amidst price declines. This suggests the potential for significant price defense in the event of selling pressure.

However, below the $112 level, the strength of support starts to weaken. The region between $94 (IDR1,532,200) to $100 (IDR1,630,000) does hold around 21 million SOL, but after that the supply becomes very thin. This void creates the potential for a sharp drop if the price falls below IDR1.63 million.

This was exacerbated by the declining velocity of Solana’s turnover in the market. SOL transaction volumes are at their lowest in five months, reflecting declining investor engagement and a potentially weak market response to price recovery efforts.

Declining Market Activity Reinforces Negative Sentiment

Solana’s falling velocity indicates that the cryptocurrency is changing hands less and less. This decrease indicates that market participants tend to hold their assets or lose interest in trading in uncertain market conditions.

Stagnant transaction volumes also reduce the market’s impetus to push prices back up. Although there is a strong support zone, without active participation from investors, recovery efforts may be hampered.

At the time of writing, Solana is trading at $131 or about IDR 2,135,300. In the last seven days, SOL has moved in a price range between $122 (IDR 1,988,600) and $135 (IDR 2,200,500), signaling price consolidation in a narrow zone.

This indicates that the market is waiting for a stronger trigger to determine the next direction of movement. Both positive and negative news could determine whether the Solana price will break out of the resistance zone or fall below the support zone.

Conclusion

Overall, Solana’s current price movement is affected by complex dynamics of ownership distribution and decreased market activity. Dense resistance zones and support reinforced by long-term investors are crucial points in determining the future direction of the price. In the uncertain cryptocurrency market, psychological factors and on-chain data such as these become important tools in monitoring sentiment and potential movements of digital assets.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• NewsBTC. Solana Price Faces Slowdown: Support And Resistance Levels To Keep An Eye On. Accessed March 24, 2025.
• Featured Image: DL News