Analysis: During the SOL pullback, the majority of the volume entered above $144, with very few trapped chips remaining above.

On September 7th, on-chain data analyst Murphy released an analysis of SOL's on-chain structure. As depicted in the chart, the SOL chip distribution roughly assumes an olive-shaped structure, with a significant accumulation in the middle and slightly less at the extremities. With the current price of $203 as the center, SOL accumulated within the top 20% price range (that is, $203 to $242) makes up 7% of the total circulation, while SOL accumulated within the bottom -20% price range (that is, $162 to $203) accounts for 39.2% of the circulating chips. If the future SOL price continues to ascend and there are few trapped chips above, the main selling pressure will originate from the chips below engaging in profit-taking. Through recent repeated oscillations, SOL has achieved very thorough handovers within the -20% price range, elevating the average cost of all participants. Therefore, when there is a certain degree of unrealized profit, theoretically, the selling pressure will not be substantial. The position of the last massive volume bar on URPD is $144, suggesting that the main players entering during the pullback should have a cost of at least $144 or higher. If the expected profit space is not attained, these SOL chips are unlikely to be eager to be sold. This analysis is for learning and communication purposes only and should not be regarded as investment advice.