Changes in Chain Chip Accumulation Since SOL 5.10, Restoring Market Behavior (Conclusion at the End) A chart based on SOL URPD data (URPD data, bottom horizontal axis: price position of the last moving SOL, left vertical axis: number of SOLs last moved at a certain price). The chip intensive area of on chain trading is used to determine the support/resistance level of the market. ） From 5.10 to 8.14 at 8am, SOL flows on the chain. Macro and event driven BTC sentiment, as well as SOL self narrative (SOL version micro strategy and SOL ETF speculation) ecology, combined with judging SOL sentiment changes Macro background, events, and the following situation Since May 10th, many macro events have occurred, including the postponement of tariffs imposed by Xi'an University on Shandong University and the achievement of trade agreements with other major sovereign countries. The stable currency bill has been passed, and the regulation of the digital asset market structure has become more and more clear. Trump has repeatedly criticized the chairman of the Federal Reserve and called for a single interest rate cut. Now the tariff has temporarily come to an end, mainly in the interest rate cut game. Despite the current decline in the overall market, BTC has broken through its historical high and ETH is not far from reaching a new high, especially against the backdrop of various favorable factors such as expected interest rate cuts and the stabilization of both BTC and ETH. Next is the Federal Reserve. Even if we take a step back and don't lower in September, the arrival of the easing trend is unstoppable. This will be the era of even lower interest rates since 22 years ago. Speaking of SOL, as mentioned earlier, the older brother and second brother have already been recruited. The next exception is SOL. In fact, compared to BTC and ETH, the fund size of SOL's micro strategy is much smaller. Of course, its market value is also very small. The only thing that needs to be "supported by the third party" now is SOL ETF. Then there is the growth rate of token holdings, which is currently quietly growing. Behind SOL is a huge amount of American funds. There is a data worth sharing, which is SOL's Herfindahl index, used to measure the share of network addresses in the current supply, that is, chip concentration. A high index indicates that a small number of large holders are dominating the market, while a low index indicates a more even distribution of chips. As shown in the picture. When TOKEN was first issued, early holders often concentrated a large amount of supply and had high control over the market, resulting in a higher Herfindahl index. As these early holders sold off, the index began to decline, reflecting a gradual shift in token distribution from concentration to dispersion. Here, my friends should understand what I mean. Of course, this is not FUD, it's just real data on the chain that I want to share with you. Do you still remember what I mentioned before about ETH's Herfindahl index? It has been rising since December last year and has now reached the level of the second half of 2017. (ETH's Herfindahl index has a historical high of 3, a low of 0.4, and is currently 1.6) Then let's talk about SOL's ecological narrative. Macro easing and ETFs are one leg that can bring in funds, and the other leg is ecology. We can't rely on SOL's MEME to drive SOL to a high level. This is something we need to pay attention to. Previously, the official stated that there was a narrative about Payfi and related projects were developing well. So continuous attention is needed. Let's take a look at the data chart again. Those who often read my tweets should be familiar with it. Red represents selling, and blue represents buying. Basically, there have been over 250 million chip exchanges since 5.10, with the highest turnover being between $100 and $156, which are profitable chips in recent months. The second highest turnover is for early chips, which are below $70, which is very early, and finally for chips above $200. We have all switched to the $160-200 range, which is the recent upward trend. Are you thinking about the weight of the car and the limited inflow of funds. Looks weak. There is indeed this smell. So the essence returns to the basic background conditions mentioned earlier. Finally, I would like to share my personal insights on the data on the blockchain with my friends, not as investment advice, but as a personal opinion. Not necessarily 100% accurate. 1. Basically, the minimum trading volume range is around 3-10 million pieces, and if there are more, it will exceed 20 million pieces per day. It is difficult to sell tens of thousands or hundreds of thousands of pieces and smash the market deeply. Unless it exceeds tens of millions within a day. Although the SOL version of the micro strategy has a small amount of funds, there are multiple companies that will buy it every once in a while. Although the number of purchases is not large, it can still be considered as gathering chips. 2. I know my friends want to ask when they can go higher or even higher. I can only say that if some of the above conditions are not met, it may be a bit difficult for now. Personal opinion. The biggest requirement is what kind of narrative is needed, whether it's ETFs or ecosystems, it needs a reason for capital inflows, and a reason to convince those big funds. Of course, the increasingly clear trend of easing is not enough, but you want it to be very high, right. In fact, SOL needs to have a belief in big players like BTC, and of course ETH is also getting stronger now. The essence of SOL driving up coin prices is different from BTC. We can't rely solely on MEME, can we. Ask yourself, how much money have you made by running MEME on the SOL chain and holding onto SOL with faith. For reference only. Non investment advice. Welcome to discuss. Feel free to leave a message if you have any questions. Thank you all. If you find it helpful, please feel free to connect three times with just one click. Thank you