Analysis of Changes in SOL Chip Structure: Short term Pressure Remains, Main Rising Waves Still Need Opportunities Since May 10th, a quantitative chart based on URPD data changes can clearly show the dynamic adjustment of SOL chip structure, thereby restoring market behavior and investor sentiment: 1、 Overview of changes in on chain chips Over the past 10 days, more than 60 million SOLs on the chain have undergone turnover, reflecting a strong phase of capital competition and chip restructuring. Between $17.7 and $32.45, over 3.5 million SOLs have shifted: This is the historical bottom chip range before October 2023, and a large number of low-priced chips accumulated by "main institutions" or "market makers" in the early stages are gradually being distributed. Between $95 and $150, over 54 million chips have moved: This section mainly refers to the short-term entry of SOL since its rebound from $95 in April this year, and is gradually cashing in profits and exiting. Between $210 and $290, with a change of approximately 2 million chips: This is a high priced chip from the end of last year to the beginning of the year, and there have been signs of meat cutting recently, but the proportion is relatively small. It is worth noting that almost all the chips traded in the above range are concentrated in the $165-185 range, with the $165-174 accumulation being the most dense, with over 100 million SOLs staying here, forming the main short-term chip pressure zone. 2、 Analysis of Market Behavior and Emotions Overall, the chip structure presents a typical adjustment pattern of "low-priced redemption, high-level meat cutting, and mid-range relay": High level investors are turning towards conservatism and choosing to cut losses; Profit taking and fund recovery for mid to low level funds; The current receiving funds are mainly concentrated around $170, corresponding to the potential short-term lock up area. At the same time, SOL may find it difficult to escape the high-density chip suppression between $170-185 in the short term without strong new funding push. 3、 Positive factors and practical limitations The SOL version of the micro strategic institutional buying action has been initiated, and currently holds approximately 420000 SOLs; The concept of ETF is gradually heating up, with medium - and long-term expected benefits; But hype still needs time, However, the current on chain ecosystem is relatively cold, especially with the decreasing popularity of MEME projects, lacking new strong narrative support; The entry of new funds lacks momentum, and the market driven by events is often characterized by "door style" emotional fluctuations, making it difficult to continue evolving into a trend market. 4、 Short term trend outlook The key to breaking through the pressure band of chips in the short term still depends on whether the BTC market is driven by emotions. But currently, BTC is also limited by the uncertainty of macro environment and policy events, and the overall market risk appetite is still not high, with a slowdown in capital inflows. Therefore, SOL does not yet have the conditions to independently develop a main wave structure similar to that at the end of last year. The above is for learning reference only, not investment advice. Welcome to explore. If you find it helpful, please feel free to connect three times with just one click. Thank you everyone