As the period of slower price action continues across the cryptocurrency market, on-chain data reveals a massive accumulation zone for Solana (SOL) around the $189 price level, with a heatmap showing roughly 24.5 million SOL purchased here.
Indeed, Glassnode’s Cost Basis Distribution Heatmap indicates that roughly 24.5 million SOL were acquired within the $189 – $190 price range, a cluster that now forms a strong on-chain support level, according to the analysis by popular crypto trading expert Ali Martinez shared in an X post on October 29.
$189 as a critical on-chain support zone for Solana
Historically, such dense accumulation zones tend to act as major demand areas, where buyers defend positions during corrections. This data suggests that even if Solana faces short-term volatility, the $189 level could provide a solid foundation for price stability and a potential rebound area for bulls.
For the time being, SOL is changing hands at the price of $194.16, which indicates a loss of 4.4% in the last 24 hours, a 5.35% across the previous seven days, and an accumulated decline of 7.02% during the previous month, according to the most recent chart data.
Recently, Solana has shown impressive resilience as it once again defended a key long-term support area around $165 – $170 after completing a large cup pattern, which is a classic bullish continuation formation, with a breakout setup that could propel prices toward $600.
All things considered, the broader trend for Solana remains constructive, with consistent on-chain demand reflecting long-term investor confidence. If the price holds above this level, analysts believe it could pave the way for a renewed push toward the $220-$250 range in the coming weeks, especially in combination with positive developments like Bitwise launching the first Solana staking exchange-traded fund (ETF).
What do you think?
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