Analysis of chip structure changes on the SOL chain: Short term pressure still exists, overall slightly weak, and the main uptrend still needs opportunities From May 10th to June 1st, 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 20 days, more than 90 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 4.5 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 $94 and $153, over 77 million chips have moved: This portion is mainly due to SOL's short-term entry after rebounding from $95 since April this year, and is gradually cashing in profits and exiting. Between $188-290, over 9 million chips have moved: 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 not very high. It is worth noting that almost all the chips traded in the above range are concentrated in the $150-180 range, with the $150-177 accumulation being the most dense, with over 220 million SOLs staying here, forming the main chip accumulation zone in the short term. They are the range of 150-153 (57 million chip pile) and the range of 162-177 (127 million chip pile), respectively. OKX 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 $153, corresponding to short-term potential profit taking and trapping areas. At the same time, SOL may find it difficult to escape the high-density chip suppression between $162-177 in the short term without strong new funding push. Overall, it is slightly weak. 3、 Positive factors and practical limitations The buying action of SOL version micro strategic institutions has been initiated, currently holding over 400000 SOLs, but the buying volume is relatively small and cannot have a significant impact on the price; The ETH ETF pledge has been approved, but although the SOL ETF has medium - to long-term expected benefits, speculation still needs time; However, the current on chain ecosystem is relatively cold, far from being as strong as November and December last year. The popularity of MEME projects has declined and lacks new strong narrative support. Nevertheless, Payfi has emerged and deserves attention; 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 and future trend outlook During the period of BTC's high and low fluctuations before breaking through, the trend of SOL is slightly weak. While on chain users are indeed active, MEME is overall sluggish, and the Payfi project is still developing. In the short term, it still depends on whether the BTC market is driven by emotions, but it is mostly volatile. With BTC rising before the surge, SOL's upward movement is also weak, suppressed in the 177-188 range, and currently breaking through the support level of 160. I want to break out of the main rising wave structure similar to last year's end, but the conditions are not yet met. Short term fluctuations are still around 150-157. In the medium to long term, it is necessary to pay attention to the macro loose liquidity situation and the development of SOL ETFs and new narrative ecosystems. 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