Solana Plunges 13%: Can Key On-Chain Support Stop The Fall?

Introduction
Solana, a leading blockchain known for its fast transaction speeds and scalable ecosystem, recently experienced a 13% plunge—sparking concerns across the cryptocurrency market. This dramatic drop has, however, brought the asset back to a significant on-chain support cluster, potentially stabilizing its price near the $145–$147 range.

Understanding On-Chain Support with Glassnode’s CBD Metric
On-chain analytics firm Glassnode recently released data highlighting Solana’s support and resistance levels based on the Cost Basis Distribution (CBD) metric. This metric tracks how much of the circulating supply was last purchased or transferred at specific spot prices. The data shows that a sizeable proportion of Solana’s holders are clustered within the $145–$147 range, potentially serving as a cushion against further declines.

Recent Price Trends and Market Impact
Over the past week, Solana’s price decline has attracted global attention, prompting both retail and institutional investors to closely monitor on-chain indicators. Historical trends suggest that when an asset re-enters a major support zone, it may rally, as many holders might look to re-strengthen their positions. The Glassnode report, based on CBD, indicates that key resistance levels might soon transition into support, potentially halting the bleed.

Forecast and Strategic Insights
Experts in cryptocurrency news are now speculating whether this on-chain clustering of support will act as a safety net, cushioning investors from further losses. If Solana manages to hold at this level, it could reverse negative momentum and spur a recovery, as holders remain motivated to defend their positions. Nonetheless, investors should remain cautious given the current market volatility and the broader global crypto news trends.

Conclusion
While the current 13% drop poses significant challenges, the presence of strong on-chain support close to $145–$147 offers hope for stabilization. As the situation evolves, both seasoned traders and new investors alike are advised to watch these support levels closely. Stay tuned for more updates on global crypto news and further insights into market dynamics.

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