SOL on-chain turnover data review (January 7 to January 8)

What do we think about this recent market trend? Let's look at the on-chain data. The total turnover in the past day was about 3.5 million tokens. Compared to 7.1 million tokens at 8 a.m. the day before yesterday, it’s a direct halving—the turnover rate has clearly weakened. What does this indicate? Market sentiment is cooling down, and fewer people are rushing to move their positions.

Now, let's examine the distribution of chips. The previously mentioned shift of chips to the right has now become more concrete—the accumulation of a large number of chips at a single price point, concentrated around the key level of $135. Such a highly concentrated chip distribution often means that market participants have reached a consensus at a certain price, and the subsequent trend may generate volatility here.

Combining the shrinking turnover data and the highly concentrated chip distribution, the market is waiting for the next step to confirm the direction.